The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Kenosha Area Business Alliance, Inc. 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 Regulations 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 Kenosha Area Business Alliance, Inc., it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of Kenosha Area Business Alliance, Inc.
The federal loan program listed subsequently is administered directly by Kenosha Area Business Alliance, Inc., and the balances and transactions relating to this program are included in Kenosha Area Business Alliance, Inc.‘s basic consolidated financial statements. Loans outstanding at the beginning of the year with continuing compliance requirements and loans made during the year are included in the federal expenditures presented in the Schedule. Federal expenditures for the Economic Adjustment Assistance program are calculated as prescribed by regulations and the calculation is noted subsequently in Note 5. The balance of the loan outstanding at December 31, 2024 consists of:Federal Outstanding Assistance Balance at Listing Number Program Name December 31, 2024 11.307 EDA Legacy - Economic Adjustment Assistance $1,554,285 11.307 EDA CARES - Economic Adjustment Assistance 1,711,334
The amount reported as federal expenditures in the Schedule for the Economic Adjustment Assistance program was calculated as follows: EDA Legacy EDA CARES Total EDA Notes Receivable at December 31, 2023 $1,554,285 $1,711,334 $3,265,619 EDA Cash and Investments at December 31, 2023 2,152,169 2,058,913 4,211,082 Expenditures for Loan Program 135,000 105,000 240,000 Total 3,841,454 3,875,247 7,716,701 Federal Percentage 75 % 75 % 75 % Federal Expenditures $2,881,091 $2,906,435 $5,787,526