Notes to SEFA
Title: CALCULATION OF REVOLVING LOAN FUNDS
Accounting Policies: THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS IS A SUMMARY OF THE ACTIVITY OF THE AUTHORITY'S FEDERAL AWARD PROGRAM PRESENTED USING THE ACCRUAL BASIS OF ACCOUNTING.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The calculation of SEFA amounts for the revolving loan funds were as follows: Economic Adjustment Assistance - CARES Act Revolving Loan Fund: $1,970,447 balance of principal outstanding on loans + $360,630 Cash and investment balance = $2,331,077 X 100% Federal Share = $2,331,077 Amount reported on SEFA. Economic Adjustment Assistance - US EDA Revolving Loan Fund: $1,944,727 balance of principal outstanding on loans + $65,416 Cash and investment balance = $2,010,143 X 100% Federal Share = $2,010,143 Amount reported on SEFA.