Title: BASIS OF ACCOUNTING
Accounting Policies: The Schedule of Expenditures of Federal and State Awards presents the activity of all applicable federal and state awards programs of South Plains Association of Governments. The Association's reporting entity
is defined in Note 1 of the basic financial statements. Federal and state awards received directly from federal and state agencies, as well as federal and state awards passed through other government agencies, are included on the Schedule of Expenditures of Federal and State Awards.
De Minimis Rate Used: N
Rate Explanation: The Association has elected not to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance.
The Schedule of Expenditures of Federal and State Awards is presented using the modified accrual basis of accounting. The modified accrual basis of accounting is described in Note 1 of the basic financial statements.
Title: COMMISSION ON STATE EMERGENCY COMMUNICATIONS
Accounting Policies: The Schedule of Expenditures of Federal and State Awards presents the activity of all applicable federal and state awards programs of South Plains Association of Governments. The Association's reporting entity
is defined in Note 1 of the basic financial statements. Federal and state awards received directly from federal and state agencies, as well as federal and state awards passed through other government agencies, are included on the Schedule of Expenditures of Federal and State Awards.
De Minimis Rate Used: N
Rate Explanation: The Association has elected not to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance.
As reflected in the basic financial statements, the Association has spent all balances and interest earned from emergency service fees for landline and wireless telecommunication services and capital replacement funds as of September 30, 2024.
Title: CALCULATION OF FEDERAL AWARDS EXPENDED FOR EDA REVOLVING LOAN FUND
Accounting Policies: The Schedule of Expenditures of Federal and State Awards presents the activity of all applicable federal and state awards programs of South Plains Association of Governments. The Association's reporting entity
is defined in Note 1 of the basic financial statements. Federal and state awards received directly from federal and state agencies, as well as federal and state awards passed through other government agencies, are included on the Schedule of Expenditures of Federal and State Awards.
De Minimis Rate Used: N
Rate Explanation: The Association has elected not to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance.
Expenditures for the EDA Revolving Loan Fund were calculated as follows:
SPAG Permian Basin Panhandle West TX
CARES Act CARES Act CARES Act CARES Act
Revolving Loan Revolving Loan Revolving Loan Revolving Loan Revolving Loan
Cash and investment balance at 9/30/2024 $ 783,615 $ 3 28,841 $ 146,494 $ 208,989 $ 114,801
Balance of outstanding loans at 9/30/2024 2,808,339 3 ,762,763 1,202,789 1,102,168 6 87,184
Administrative costs during the fiscal year 43,762 63,036 14,064 14,444 -
Total EDA Revolving Loan Fund Expenditures 3,635,716 4 ,154,640 1,363,347 1,325,601 8 01,985
Federal Participation Rate 75% 75% 75% 75% 75%
Total Federal Share of EDA Revolving Loan Fund Expenditures $ 2,726,787 $ 3,115,980 $ 1,022,510 $ 994,201 $ 601,489