Notes to SEFA
The Schedule of Expenditures of Federal Awards presents the activities of federal award programs expended by East Central Regional Development Commission (the Commission). The Commission’s reporting entity is defined in Note 1 to the financial statements.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Commission under programs of the federal government for the year ended June 30, 2025. 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) from the Office of Management and Budget (OMB). Because the schedule presents only a selected portion of the operations of the Commission, it is not intended to and does not present the financial position or changes in net position of the Commission.
The compliance supplement for assistance listing number 11.307, Economic Adjustment Assistance – Loan Program, requires disclosure of the following information used when calculating the amounts reported on the schedule of expenditures of federal awards: For purposes of completing the Schedule of Expenditures of Federal Awards (SEFA), each EDA RLF grant (AL #11.307) must be shown as a separate line item calculated as follows: 1. Balance of RLF principal outstanding on loans at the end of the recipient's fiscal year, plus $ 247,942 2. Cash and investment balance in the RLF at the end of the recipient's fiscal year, plus 234,558 3. Administrative expenses paid out of RLF income during the recipient's fiscal year, plus - 4. The unpaid principal of all loans written off during the recipient's fiscal year. - 5. Multiply this sum (1+2+3+4) by the federal share of the RLF. The federal share is defined 17,500 as the federal participation rate (or the federal grant rate) as specified in the grant award. 100% Total Expenditures of 11.307 COVID-19 Economic Adjustment Assistance $ 500,000 For purposes of completing the Schedule of Expenditures of Federal Awards (SEFA), each EDA RLF grant (AL #11.307) must be shown as a separate line item calculated as follows: 1. Balance of RLF principal outstanding on loans at the end of the recipient's fiscal year, plus $ 273,335 2. Cash and investment balance in the RLF at the end of the recipient's fiscal year, plus 47,066 3. Administrative expenses paid out of RLF income during the recipient's fiscal year, plus - 4. The unpaid principal of all loans written off during the recipient's fiscal year. - 5. Multiply this sum (1+2+3+4) by the federal share of the RLF. The federal share is defined 13,799 as the federal participation rate (or the federal grant rate) as specified in the grant award. 80% Total Expenditures of 11.307 COVID-19 Economic Adjustment Assistance $ 267,360