Notes to SEFA
Title: Economic Adjustment Assistance Program
Accounting Policies: The schedule of expenditures of federal awards is presented on the accrual basis of accounting as described in the notes to the financial statements
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent that such costs are included in the Federal financial reports used as the source for the data presented. The de minimis election allows the Board to allocate 10% of indirect costs to grants with periods ending on or before September 30, 2024 and 15% of indirect costs to grants with periods after September 30, 2024. The Board does not use the de minimis election.
The Board has included $2,874,768 from revolving loan funds with Economic Adjustment Assistance Program funds in the schedule of expenditures of federal awards. The resulting loan fund activity as required by the U.S. Department of Commerce for the year ended December 31, 2024 is as follows:
Revolving Loan Funds
RLF I RLF II/III RLF IV RLF V RLF VI Total
Loan principal balances
at end of year $ 339,960 124,641 193,449 1,962,734 881,806 3,502,590
Cash and investment
balance 2,673 1,100 2,074 911,340 1,150,536 2,067,723
Administrative expenses 298 - - 694 - 992
Unpaid principal on loans
written off in 2024 - - - - - -
Subtotal 342,931 125,741 195,523 2,874,768 2,032,342 5,571,305
Federal share 0% 0% 0% 100% 0% 51.60%
Federal award $ - - - 2,874,768 - 2,874,768
Operating fund - reimbursements 87,500
Total economic adjustment assistance program $ 2,962,268