Notes to SEFA
Title: Economic Adjustment Assistance Program
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the
federal award activity of Greater Jamaica Development Corporation and Related Organizations(the "Organization") under programs of the
federal government for the year ended December 31, 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 for Federal
Awards (Uniform Guidance). 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.
SUMMARY OF SIGNIFICANT 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 limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization elected not to use the 10 percent de minimis cost rate as allowed under the Uniform Guidance.
The Economic Adjustment Assistance program (Assistance Listing #11.307) is a revolving loan fund ("RLF") administered by the U.S. Economic Development Administration ("EDA") and specifically requires the amount on the Schedule to be calculated as follows: EDA Grants 606,500 Total EDA Share 100% Sum of EDA dollars/total project costs 257,529 Cash 416,464 Outstanding loans receivable 673,994 Total EDA Share 100% total 673,994