Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
INTERMEDIARY RELENDING PROGRAM (10.767) - Balances outstanding at the end of the audit period were 199139. RURAL MICROENTREPRENEUR ASSISTANCE PROGRAM (10.870) - Balances outstanding at the end of the audit period were 212221. RURAL MICROENTREPRENEUR ASSISTANCE PROGRAM (10.870) - Balances outstanding at the end of the audit period were 212221.
Title: Loan/loan gaurantee outstanding balances
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Sunrise County Economic Council has two loans outstanding that were originated in September 2016 and September 2022 by the USDA Rural Development to provide funding for a Rural Microentrepreneur Assistance Program. The amount listed for this program includes the beginning of the period loan balances plus new loans issued plus proceeds used during the year. The balance owed at the end of the period is $212,221.Sunrise County Economic Council has a loan outstanding that was originated in October 2018 by the USDA Rural Development to provide funding for an Intermediary Relending Program. The amount listed for this loan includes the beginning of the period loan balance plus proceeds used during the year. The balance owed at the end of theperiod is $199,139.