Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards is prepared using the accrual basis method of accounting. 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). Therefore, some of the amounts presented in this schedule may differ from amounts presented in or used in the preparation of the financial statements.
Of the federal expenditures presented in this schedule, the Valley Small Business Development Corporation (the Corporation) did not provide any federal awards to subrecipients.
The CFDA numbers included in the accompanying Schedule of Expenditures of Federal Awards were determined based on the program name, review of the grant or contract information and the Office of Management and Budget’s Catalog of Federal Domestic Assistance. Outstanding federally funded program loans, with a continuing compliance requirement, carried balances as of June 30, 2024 as follows: Federal CFDA # Program Title June 30, 2023 New Loans Principal Repayment June 30, 2024 10.767 Intermediary Relending Program (IRP) $ 1,450,959 $ - $ (127,666) $ 1,323,293 10.870 Rural Microentrepreneur Assistance Program (RMAP) 341,863 - (37,714) 304,149 $ 1,792,822 $ - $ (165,380) $ 1,627,442