Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Western Colorado Business Development Corporation 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 Western Colorado Business Development Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Western Colorado Business Development Corporation.
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 are limited as to reimbursement. The calculations below for the Economic Adjustment Assistance - CARES were from January 1, 2024 through December 31, 2024. Economic Adjustment Assistance - CARES Balance of RLF Principal Outstanding on Loans $ 403,366 Cash and investment balance in RLF 96,634 Administrative Expenses paid out of RLF income 28,217 Total 528,217 Federal Share of RLF Grant Award 100% Federal Expenditures $ 528,217
Western Colorado Business Development Corporation has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
Western Colorado Business Development Corporation had no awards passed through to sub recipients for the year ending December 31, 2024.