Notes to SEFA
Title: NOTE 1 – BASIS OF PRESENTATION
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.
De Minimis Rate Used: Y
Rate Explanation: Franklin County Community Development Corporation and Affiliate has elected to use the 10% de minimis
indirect cost rate allowed under the Uniform Guidance.
The accompanying consolidated schedule of expenditures of federal awards (the “Schedule”) includes the
federal grant award activity of Franklin County Community Development Corporation and Affiliate 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 Franklin
County Community Development Corporation and Affiliate it is not intended to and does not present the
consolidated financial position, changes in net assets, or cash flows of Franklin County Community
Development Corporation and Affiliate.
Title: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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.
De Minimis Rate Used: Y
Rate Explanation: Franklin County Community Development Corporation and Affiliate has elected to use the 10% de minimis
indirect cost rate allowed under the Uniform Guidance.
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.
Title: NOTE 3 – LOAN BALANCES AT JUNE 30, 2024
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.
De Minimis Rate Used: Y
Rate Explanation: Franklin County Community Development Corporation and Affiliate has elected to use the 10% de minimis
indirect cost rate allowed under the Uniform Guidance.
U.S. Department of Agriculture
Intermediary Relending Program $ 427,580
Economic Adjustment Assistance 1,152,931
Rural Microentrepeneur Assistance Program
Revolving Loan Fund 842,301
Title: NOTE 4 – FEDERAL EXPENDITURE CALCULATION FOR DEPARTMENT OF COMMERCE
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.
De Minimis Rate Used: Y
Rate Explanation: Franklin County Community Development Corporation and Affiliate has elected to use the 10% de minimis
indirect cost rate allowed under the Uniform Guidance.
EDA CARES
RLF
Balance of RLF loans outstanding at June 30, 2024 $ 724,949
Cash balance in the RLF at June 30, 2024 279,727
Administrative expenses paid out of RLF income
during the year ended June 30, 2024 -
Unpaid principal of all loans written off during
the year ended June 30, 2024 -
1,004,676
The Federal share of the RLF 55.75%
Total Expenditures Reported on the Schedule of Expenditures of Federal Awards $ 560,107
Title: NOTE 5 – INDIRECT COST RATE
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.
De Minimis Rate Used: Y
Rate Explanation: Franklin County Community Development Corporation and Affiliate has elected to use the 10% de minimis
indirect cost rate allowed under the Uniform Guidance.
Franklin County Community Development Corporation and Affiliate has elected to use the 10% de minimis
indirect cost rate allowed under the Uniform Guidance.