Notes to SEFA
The accompanying schedule of expenditures of federal awards (“the Schedule “) includes the federal award activity of the RC 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). Because the Schedule presents only a selected portion of the operations of the RC, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the RC.
Expenditures reported on the Schedule are reported on the modified 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. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The RC has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures of federal awards for revolving loan funds are calculated as follows: EDA CARES IRP IDG/RBEG Note receivable balances at: Beginning of year $ - $ 1,226,579 $ - End of year 521,572 - - New loans made during current year - - - Loans written off in current year - - - Cash and investment balance at end of year 32,484 - - Current year admin expenditures (cash basis) paid 14,402 32,985 1 ,937 568,458 1 ,259,564 1,937 Times applicable % 100% - - Expenditures of federal awards $ 5 68,458 $ 1,259,564 $ 1,937