Audit 353791

Title: Basis of Presentation Accounting Policies: Expense Recognition 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 allowed or are limited as to reimbursement. Payments to Subrecipients There were no payments to subrecipients for the fiscal year ended December 31, 2024. Loans New Orleans Regional Business Development Loan Corporation administers the Restore Louisiana Small Business Loan Program funded through U.S. Department of Urban Development the state of Louisiana Office of Community Development. These 0% interest loans assist small businesses and non-profits with the aftermath of Hurricanes Laura, Delta and Ida and severe storms, tornadoes, and flooding. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the schedule. The balance of loans outstanding under the Community Development Block Grant/State’s Program and Non-Entitlement Grants in Hawaii AL No. 14.228 at December 31, 2024 was $3,953,567. There were no loans outstanding at December 31, 2023. De Minimis Rate Used: N Rate Explanation: New Orleans Regional Business Development Loan Corporation has elected not to use the 15% de minimis indirect cost rate allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activity of New Orleans Regional Business Development Loan Corporation under programs of the federal government for the year ended December 31, 2024. The information in the 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 New Orleans Regional Business Development Loan Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of New Orleans Regional Business Development Loan Corporation.

Title: Summary of Significant Accounting Policies Accounting Policies: Expense Recognition 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 allowed or are limited as to reimbursement. Payments to Subrecipients There were no payments to subrecipients for the fiscal year ended December 31, 2024. Loans New Orleans Regional Business Development Loan Corporation administers the Restore Louisiana Small Business Loan Program funded through U.S. Department of Urban Development the state of Louisiana Office of Community Development. These 0% interest loans assist small businesses and non-profits with the aftermath of Hurricanes Laura, Delta and Ida and severe storms, tornadoes, and flooding. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the schedule. The balance of loans outstanding under the Community Development Block Grant/State’s Program and Non-Entitlement Grants in Hawaii AL No. 14.228 at December 31, 2024 was $3,953,567. There were no loans outstanding at December 31, 2023. De Minimis Rate Used: N Rate Explanation: New Orleans Regional Business Development Loan Corporation has elected not to use the 15% de minimis indirect cost rate allowed under the Uniform Guidance. Expense Recognition 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 allowed or are limited as to reimbursement. Payments to Subrecipients There were no payments to subrecipients for the fiscal year ended December 31, 2024. Loans New Orleans Regional Business Development Loan Corporation administers the Restore Louisiana Small Business Loan Program funded through U.S. Department of Urban Development the state of Louisiana Office of Community Development. These 0% interest loans assist small businesses and non-profits with the aftermath of Hurricanes Laura, Delta and Ida and severe storms, tornadoes, and flooding. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the schedule. The balance of loans outstanding under the Community Development Block Grant/State’s Program and Non-Entitlement Grants in Hawaii AL No. 14.228 at December 31, 2024 was $3,953,567. There were no loans outstanding at December 31, 2023.

Title: Indirect Cost Rate Accounting Policies: Expense Recognition 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 allowed or are limited as to reimbursement. Payments to Subrecipients There were no payments to subrecipients for the fiscal year ended December 31, 2024. Loans New Orleans Regional Business Development Loan Corporation administers the Restore Louisiana Small Business Loan Program funded through U.S. Department of Urban Development the state of Louisiana Office of Community Development. These 0% interest loans assist small businesses and non-profits with the aftermath of Hurricanes Laura, Delta and Ida and severe storms, tornadoes, and flooding. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the schedule. The balance of loans outstanding under the Community Development Block Grant/State’s Program and Non-Entitlement Grants in Hawaii AL No. 14.228 at December 31, 2024 was $3,953,567. There were no loans outstanding at December 31, 2023. De Minimis Rate Used: N Rate Explanation: New Orleans Regional Business Development Loan Corporation has elected not to use the 15% de minimis indirect cost rate allowed under the Uniform Guidance. New Orleans Regional Business Development Loan Corporation has elected not to use the 15% de minimis indirect cost rate allowed under the Uniform Guidance.