Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal award programs of Appalachian Development Corporation (ADC) for the year ended September 30, 2022. All federal awards received directly from the federal agencies, as well as those passed through other government agencies, are included on the Schedule. The accompanying Schedule is presented using the accrual basis of accounting, which is described in the notes to ADCs financial statements. The revolving loan fund is comprised of grants and loans from federal funds received in the current fiscal year or previous years. Additions are new loans made during the current fiscal year from the ARC Revolving Loan Fund and the ARC Entrepreneurial Revolving Loan Fund (collectively ARC RLF), and the USDA Intermediary Relending Program (USDA IRP).
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.