Audit 348716

Title: Loan balances Accounting Policies: PURPOSE OF THE SCHEDULE The Uniform Guidance requires a Schedule of Expenditures of Federal Awards showing total expenditures for each federal award program as identified in the catalog of Federal Domestic Assistance (CFDA). SIGNIFICANT ACCOUNTING POLICIES 1. REPORTING ENTITY The accompanying schedule includes all federal award programs of Eagle Lake Development Corporation for the year ended December 31, 2024. The reporting entity is defined in the Notes to the Financial Statements of Eagle Lake Development Corporation. 2. BASIS OF PRESENTATION The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. a. Federal financial assistance is defined as assistance provided by federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance or direct appropriations. b. The Uniform Guidance establishes the level of expenditures to be used in defining major federal financial award programs. Major programs for the Organization have been identified in the Schedule of Findings and Questioned Costs. 3. BASIS OF ACCOUNTING The information presented in the Schedule of Expenditures of Federal Awards is presented on a basis consistent with the Organization’s general purpose financial statements. The grants included are all accounted for on a modified accrual basis of accounting which is described in the notes to the financial statements. De Minimis Rate Used: N Rate Explanation: The Organization has not elected to use the 10% De Minimis Cost rate for the year ended December 31, 2024. The Organization’s federal loan balances as of December 31, 2024 are as follows: Note payable to USDA Rural Development in monthly installments of $5,512 (less subsidy of $3,656), including interest at 8.75%, through May 2029. Secured by real estate. 241,587 Note payable to USDA Rural Development in monthly installments of $1,016 (less subsidy of $634), including interest at 6.5%, through July 2044. Secured by real estate. 134,772 Note payable to USDA Rural Development in monthly installments of $1,177 (less subsidy of $810), including interest at 8.0%, through April 2045. Secured by real estate. 141,600 Note payable to USDA Rural Development in monthly installments of $99 (less subsidy of $75), including interest at 13.25%, through October 2042. Secured by real estate. 5,738 Note payable to USDA Rural Development in monthly installments of $1,220 (less subsidy of $904), including interest at 9.75%, through June 2039. Secured by real estate. 113,419 Note payable to USDA Rural Development in monthly installments of $1,843 (less subsidy of $1,065), including interest at 5.75%, through August 2058. Secured by real estate. 361,941 999,057