Title: Note 1.
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance wherein
certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some
accounts presented in this schedule may differ from amounts presented in, or used in the preparation of,
the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Commission has a negotiated indirect cost rate of 40.8%.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal
award activity of the Commission under programs of the federal government for the year ended June 30,
2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S.
Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected
portion of the operations of the Commission, it is not intended to and does not present the financial
position, changes in net position or cash flows of the Commission.
Title: Note 2.
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance wherein
certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some
accounts presented in this schedule may differ from amounts presented in, or used in the preparation of,
the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Commission has a negotiated indirect cost rate of 40.8%.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance wherein
certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some
accounts presented in this schedule may differ from amounts presented in, or used in the preparation of,
the basic financial statements.
Title: Note 3.
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance wherein
certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some
accounts presented in this schedule may differ from amounts presented in, or used in the preparation of,
the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Commission has a negotiated indirect cost rate of 40.8%.
The Commission has a negotiated indirect cost rate of 40.8%.
Title: Note 4.
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance wherein
certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some
accounts presented in this schedule may differ from amounts presented in, or used in the preparation of,
the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Commission has a negotiated indirect cost rate of 40.8%.
The current year $2,150,108 Economic Development Administration (EDA) Revolving Loan Fund (RLF)
(CFDA 11.307) expenditures, disclosed in the Schedule of Expenditures of Federal Awards, constituted
100 percent of the combined EDA RLF of June 30, 2024, outstanding loan balances, June 30, 2024 cash
and investment balances and June 30, 2024 administrative expenses of $1,737,572 as follows:
EDA Cares Total
RLF RLF Programs
Balance of RLF principal outstanding on loans
as of June 30, 2024 $ 1,280,875 $ 1,280,875
Add:
Cash and investment balance in RLF at the end
of the fiscal year 456,090 456,090
Administrative expenses paid out of RLF income
during the fiscal year 608 608
Unpaid principal of all loans written off during
the fiscal year - -
Total RLF as of June 30, 2024 1,737,572 $ 1,737,572
Multiply:
Federal share of RLF 100%
Expenditures of federal awards for RLF programs
as of June 30, 2024 $ 1,737,572
The federal share of the RLF is defined as the
federal participation rate (or the federal grant rate)
as specified in the grant award.