Notes to SEFA
Title: OUTSTANDING LOAN BALANCES
Accounting Policies: GENERAL - The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") presents the activity of all federal award programs of Appalachian Development Corporation ("ADC") for the year ended September 30, 2024. All federal awards received directly from the federal agencies, as well as those passed through other government agencies, are included on the Schedule. BASIS OF ACCOUNTING - The accompanying Schedule is presented using the accrual basis of acocunting, which is described in the notes to ADC's financial statements.
De Minimis Rate Used: N
Rate Explanation: D-INDIRECT COST RATE - The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The revolving loan fund is comprised of grants and loans from federal funds received in the current fiscal year or previous years. Additions are new loans made during the current fiscal year form the ARC Revolving Loan Fund and the ARC Entrepreneurial Revolving Loan Fund (collectively "ARC RLF"), and the USDA Intermediary Relending Program ("USDA IRP"). The outstanding loan balances as of September 30, 2024 are summarized as follows: