Notes to SEFA
Title: NOTE 3 – EDA Revolving Loan Funds
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (SEFA) includes the
federal award activity of PACE Finance Corporation (the Organization) and is presented
on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule
may differ from amounts presented in, or used in the preparation of, the financial
statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The amount of federal expenditures is computed as defined in the Department of
Commerce Economic Development Revolving Loan Fund (RLF) Guidelines. The guidelines
define current year expenditures as the grantee’s fiscal year ending balance of
outstanding loans, plus cash and investment balances, the amount of RLF income
earned, and the amount expended on eligible administrative costs during the fiscal year.
Total expenditures at December 31, 2024 was calculated as follows: