Notes to SEFA
Title: Reporting of Revolving Loan Funds on the Schedule of Federal Awards
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Racine County Economic Development Corporation and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization does not use the de minimus cost rate. Indirect costs are allocated based on and charged to grants per allowable grant budgets.
The Economic Development Assistance (EDA) retains a federal interest in revolving loan funds (RLF) until the RLF award is terminated or EDA releases its federal interest in the RLF award funds. The Organization calculates the amount of each EDA RLF shown on the schedule of federal awards based on requirements in the OMB Compliance Supplement for the Economic Development Cluster which includes ALN 11.307 Economic Adjustment Assistance. As of 12/31/2024, Loan Principal Outstanding was $2,842,665 and Cash and Investment Balances were $666,989. RLF Award reported on SEFA as required per the compliance supplement is $3,509,654.