Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The schedule of expenditures of federal awards (the "Schedule") summarizes the expenditures of the Rural Economic Development Center, Inc. (the Center). The Schedule is presented on the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations ("CFR") Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards ("Uniform Guidance").For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly between the Center and agencies and departments of the federal government and all subawards made to the Center by nonfederal organizations pursuant to federal grants, contracts, and similar agreements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
CORONAVIRUS RELIEF FUND (21.019) - Balances outstanding at the end of the audit period were 86291553.