Notes to SEFA
The accompanying schedule of expenditures of federal and State awards (SEFSA) includes the federal and State grant activity of Southwestern North Carolina Planning and Economic Development Commission under the programs of the federal government and the State of North Carolina for the year ended June 30, 2025. The information in this SEFSA 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 and the State Single Audit Implementation Act. Because the Schedule presents only a selected portion of the operations of Southwestern North Carolina Planning and Economic Development Commission, it is not intended to and does not present the financial position, changes in net position or cash flows of Southwestern North Carolina Planning and Economic Development Commission.
The revolving loan expenditures reported on the Schedule of Expenditures of Federal and State Awards include outstanding loan balances, administrative expenses, and cash and investments available for loans as of the end of the audit period. The SEFSA has been updated to report revolving loan expenditures as follows: