Notes to SEFA
Title: Loans Outstanding
Accounting Policies: Expenditures reported in the SEFSA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and State Single Audit Implementation Act, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Corporation had the following loan balances outstanding at June 30, 2024 for loans that the grantor/pass-through grantor has still imposed continuing compliance requirements . Loans outstanding at the beginning of the year and loans made during the year are included in the SEFSA. The balance of loans outstanding at June 30, 2024 consist of:
EDA Revolving Loan Fund Federal share calculation (Balance of RLF principal outstanding $1,272,839 plus Cash $729,173 plus Current year administrative expenses paid with RLF income $112,960; total $2,114,972 times federal share 50%.
EDA CARES Revolving Loan Fund calculation (Balance of RLF principal outstanding $1,369,363 plus Cash $545,446 plus Current year administrative expenses paid with RLF income $28,576 plus Unpaid principal of loans written off $90,000.