Title: Basis of presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of
the federal awards of JEDCO. 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). All
federal financial assistance received directly from federal agencies is included on the schedule, as well
as federal financial assistance passed through other agencies. Because the Schedule presents only a
selected portion of the operations of the Parish, it is not intended to and does not present the financial
position, changes in net position, or cash flows of JEDCO.
De Minimis Rate Used: N
Rate Explanation: JEDCO has elected not to use the 10% de minimis indirect cost rate as provided for in section 200.413
of the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of
the federal awards of JEDCO. 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). All
federal financial assistance received directly from federal agencies is included on the schedule, as well
as federal financial assistance passed through other agencies. Because the Schedule presents only a
selected portion of the operations of the Parish, it is not intended to and does not present the financial
position, changes in net position, or cash flows of JEDCO.
Title: Summary of Significant Accounting policies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of
the federal awards of JEDCO. 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). All
federal financial assistance received directly from federal agencies is included on the schedule, as well
as federal financial assistance passed through other agencies. Because the Schedule presents only a
selected portion of the operations of the Parish, it is not intended to and does not present the financial
position, changes in net position, or cash flows of JEDCO.
De Minimis Rate Used: N
Rate Explanation: JEDCO has elected not to use the 10% de minimis indirect cost rate as provided for in section 200.413
of the Uniform Guidance.
JEDCO’s schedule of expenditures of federal awards is presented using the accrual basis of accounting
which is described in Note 1 to JEDCO’s financial statements for the year ended December 31, 2024.
Title: Description of Grants
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of
the federal awards of JEDCO. 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). All
federal financial assistance received directly from federal agencies is included on the schedule, as well
as federal financial assistance passed through other agencies. Because the Schedule presents only a
selected portion of the operations of the Parish, it is not intended to and does not present the financial
position, changes in net position, or cash flows of JEDCO.
De Minimis Rate Used: N
Rate Explanation: JEDCO has elected not to use the 10% de minimis indirect cost rate as provided for in section 200.413
of the Uniform Guidance.
COVID-19 EDA Revolving Loan Fund
The Economic Development Administration (EDA) provided JEDCO with funds for a revolving loan
pool which finances business development activities consistent with local economic development
strategies. These funds provide access to capital for those small businesses that suffered directly from
the COVID-19 epidemic.
COVID-19 CARES Act Seafood Enterprise Assistance (SEA) Revolving Loan Fund
In 2022, JEDCO was awarded $1 million in Department of Housing and Urban Development (HUD)
Community Development Block Grant Funds (CDBG) through the Jefferson Parish Office of
Community Development. The purpose of the fund is to create a revolving loan fund for small business
owners in the seafood industry negatively impacted by the COVID-19 pandemic to assist in the
recovery of the industry.
CARES EDA Act Revolving Loan Fund
In 2022, JEDCO received a total award of $1,099,750 from the Department of Commerce’s Economic
Development Administration (EDA). Of this amount, $949,750 was allocated to operate as a revolving
loan fund, while $150,000 was designated for capital outlay to support renovations at JEDCO.
Small Business Credit Initiative (SSBCI) Act Revolving Loan Fund
The SSBCI Revolving Loan Fund is used to support businesses operating in Jefferson Parish. The
fund is supported 50% by federal funds from the U.S. Department of Treasury and 50% by funds from
JEDCO. During the year ended December 31, 2023, JEDCO received $1,000,000 in federal revenue
and transferred $1,000,000 from the BRGL/LRCF Loan fund to support this program. During the year
ended December 31, 2024, JEDCO received additional federal funding of $400,000 for this program.
Title: Outstanding Loans
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of
the federal awards of JEDCO. 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). All
federal financial assistance received directly from federal agencies is included on the schedule, as well
as federal financial assistance passed through other agencies. Because the Schedule presents only a
selected portion of the operations of the Parish, it is not intended to and does not present the financial
position, changes in net position, or cash flows of JEDCO.
De Minimis Rate Used: N
Rate Explanation: JEDCO has elected not to use the 10% de minimis indirect cost rate as provided for in section 200.413
of the Uniform Guidance.
As of December 31, 2024, the total outstanding balance of the SSBCI revolving loan fund, inclusive of
both state and federal funds, is $1,250,458. Of this amount, the portion attributable solely to federal
funds is $625,229, representing 50% of the total outstanding balance.
During the year ended December 31, 2024, JEDCO recorded bad debt expense of $194,476, $29,637,
and $82,712 for EDA COVID-19, SEA COVID-19, and SSBCI, respectively.