Title: NOTE 1 – BASIS OF ACCOUNTING:
Accounting Policies: Accrual Basis
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance. Instead, the Organization utilizes indirect cost rates that are included in their cost allocation plan which is reviewed and approved by the board of directors and is allowed under the grants.
Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is the same basis used for the financial statements of the Organization. Such expenditures are recognized following the cost principles contained in Office of Management and Budget (OMB) Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowed or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
Title: NOTE 2 – PROGRAM COSTS:
Accounting Policies: Accrual Basis
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance. Instead, the Organization utilizes indirect cost rates that are included in their cost allocation plan which is reviewed and approved by the board of directors and is allowed under the grants.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Rural Community Development Resources (the Organization) under programs of the federal government for the year ended December 31, 2023 and 2022. The information in this schedule is presented in accordance with the requirements of OMB Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Costs Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Because the schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: NOTE 3 – REVOLVING LOAN FUNDS:
Accounting Policies: Accrual Basis
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance. Instead, the Organization utilizes indirect cost rates that are included in their cost allocation plan which is reviewed and approved by the board of directors and is allowed under the grants.
EDA revolving loan fund – Expenditures of EDA revolving loan funds are based on the following calculation:
Title: NOTE 3 – REVOLVING LOAN FUNDS:
Accounting Policies: Accrual Basis
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance. Instead, the Organization utilizes indirect cost rates that are included in their cost allocation plan which is reviewed and approved by the board of directors and is allowed under the grants.
DescriptionAmountEDA loans outstanding at December 31, 2023 $ 828,355 EDA loan funds on hand in bank accounts at December 31, 2023 127,568 Administrative expenses for the year ended December 31, 2023 83,877 Total 1,039,800 Federal participation rate78%Expenditures of federal funds $ 811,044
Title: NOTE 3 – REVOLVING LOAN FUNDS:
Accounting Policies: Accrual Basis
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance. Instead, the Organization utilizes indirect cost rates that are included in their cost allocation plan which is reviewed and approved by the board of directors and is allowed under the grants.
Other revolving loan funds – Expenditures from other revolving loan funds are reported at the value of new loans made to borrowers during the year and any allowable expenses covered using program income.
Title: NOTE 4 – INDIRECT COST RATE:
Accounting Policies: Accrual Basis
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance. Instead, the Organization utilizes indirect cost rates that are included in their cost allocation plan which is reviewed and approved by the board of directors and is allowed under the grants.
The Organization has not elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance. Instead, the Organization utilizes indirect cost rates that are included in their cost allocation plan which is reviewed and approved by the board of directors and is allowed under the grants.