Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: 1. Basis of AccountingThe accompanying schedule of expenditures of federal awards includes the federal grant activity of Montana Business Assistance Connection, Inc. (Organization) and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
INTERMEDIARY RELENDING PROGRAM (10.767) - Balances outstanding at the end of the audit period were 1682946. ECONOMIC ADJUSTMENT ASSISTANCE (11.307) - Balances outstanding at the end of the audit period were 539891.
Title: 3. Calculation of Economic Development Administration RLF expenditures
Accounting Policies: 1. Basis of AccountingThe accompanying schedule of expenditures of federal awards includes the federal grant activity of Montana Business Assistance Connection, Inc. (Organization) and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
3. Calculation of Economic Development Administration RLF expendituresAward #05-79-06014EDA RLF loans receivable at December 31, 2022$539,891EDA RLF cash balance at December 31, 202275,713Administrative expenses paid from EDA RLF income for the year ending December 31, 202224,338Unpaid principal of EDA RLF written off during the year ending December 31, 2022-Total639,942Multiplied by federal grant rate100%Total Award #05-79-06014$639,942