BASIC FINANCIAL STATEMENTS The accounting policies of seCTer conform to accounting principles generally accepted in the United States of America as applicable to nonprofit organizations. SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS The accompanying schedule of expenditures of federal awards has been prepared on the accrual basis consistent with the preparation of the basic financial statements. Information included in the schedule of expenditures of federal awards is presented in accordance with the requirements Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). For cost reimbursement awards, revenues are recognized to the extent of expenditures. Expenditures have been recognized to the extent the related obligation was incurred within the applicable grant period and liquidated within 90 days after the end of the grant period. For performance-based awards, revenues are recognized to the extent of performance achieved during the grant period. Southeastern Connecticut Enterprise Region Corporation has elected to use the 10% de Minimis indirect cost rate on the Economic Adjustment Assistance, Cares Act Revolving Loan Fund-administrative costs grant (01-79-73018) and the Economic Adjustment Assistance, American Rescue Plan Revolving Loan Fund -administrative costs grant (01-79- 15238).
NOTE B - LOAN PROGRAMS The following is a summary of loan activity for the year ended June 30, 2025: Grantor agency: Department of Commerce Loan fund: Cares Act CFDA number 11.307 Grant number: 01-79-73018 Issue date: July 2020 Interest rate: 0% Original amount: $1,960,000 Loan Principal Allowance for credit losses Net carrying amount Balance July 1, 2024 $ 1,397,782 $ 215,817 $ 1,181,965 Loans made - - - Payments received ( 778,556) - ( 778,556) Loan write-offs - - - Decrease in allowance for credit losses - ( 145,817) 145,817 Balance June 30, 2025 $ 619,226 $ 70,000 $ 549,226 The following is a summary of loan activity for the year ended June 30, 2025: Grantor agency: Department of Commerce Loan fund: Cares Act CFDA number 11.307 Grant number: 01-79-15238 Issue date: May 2022 Interest rate: 0% Original amount: $2,000,000 Loan Principal Allowance for credit losses Net carrying amount Balance July 1, 2024 $ - $ - $ - Loans made 617,196 - 617,196 Payments received ( 5,664) - ( 5,664) Loan write-offs - - - Decrease in allowance for credit losses - 69,130 ( 69,130) Balance June 30, 2025 $ 611,532 $ 69,130 $ 542,402
Southeastern Connecticut Enterprise Region Corporation did not receive any non-cash assistance, or other federal assistance in the form of loan guarantees or insurance.
Regional Revolving Cares Loans 01-79-73018 Regional Revolving Cares Loans 01-79-15238 As of June 30, 2025: Carrying amount of loans $ 619,226 $ 611,532 Cash and certificate of deposit 1,433,216 - Administrative expenses for fiscal year 16,399 60,856 Federal Assistance for fiscal year $ 2,068,841 $ 672,388