Notes to SEFA
Title: 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: N
Rate Explanation: The Commission did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Southwestern Pennsylvania Commission (Commission) 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 of Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Commission, it is not intended to and does not present the financial statements of the Commission.
Title: Revolving Loan Funds
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: N
Rate Explanation: The Commission did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Commission administers the Economic Development Administration (EDA) Revolving Loan Fund (RLF) and the EDA CARES Act RLF. The EDA CARES Act RLF was capitalized during the year ended June 30, 2021, through a federal grant from the EDA. This EDA CARES Act RLF is reported on the Schedule as the COVID-19 EDA RLF. In a letter dated March 29, 2021, the Commission requested that the EDA release its federal interest in the EDA RLF. The EDA approved the Commission’s request and, as a result, this EDA RLF is no longer subject to Uniform Guidance and is no longer required to be reported on the Schedule. Federal expenditures for the COVID-19 EDA and the Appalachian Regional Commission (ARC) RLF were calculated as follows: Please see tables on pages 24 and 25 of the Single Audit. Loans outstanding at the beginning of the year, loans made during the year, and loans outstanding at June 30, 2024 consist of: Please see table on pages 24 and 25 of Single Audit.