Notes to SEFA
This accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of Economic Development Collaborative - Ventura County (the "Organization") 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 Regulation 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 the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization
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 and OMB A-122, wherein certain types of expenditures are not allowable or are limited as to reimbursements.
The Organization has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Organization administers a revolving loan fund under the Economic Adjustment Assistance Program (CFDA No. 11.307) funded by the U.S. Department of Commerce. The federal expenditures from the Economic Adjustment Assistance program include $280,566 of cash at year-end, $2,299,721 of outstanding loans at year-end and $49,461 of administrative costs. In addition, there were $510,000 new loans issued during 2024.