The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of the Georgia Environmental Finance Authority (the “Authority”). The Authority also receives a significant amount of pass-through financial assistance from the Georgia Department of Human Services.
The authoritative criteria for determining the programs, organizations, and functions of government Included in the financial statements of the Authority are as follows: oversight responsibility, including selection of governing authority, designation of management, and ability to significantly influence operations; accountability for fiscal matters, including budget, surplus/deficit, debt, fiscal management, and revenue characteristics; scope of public services; and special financing relationships. Based on above criteria, the Appalachian Area Development, the State Energy Conservation Program, the Weatherization Assistance for Low-Income Persons, Low-Income Home Energy Assistance, and State Revolving Funds are included in the Authority’s reporting entity.
The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, Subpart F. Due to differences in the recording of loan disbursements between the requirements, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
The Authority had an approved indirect cost rate negotiated for fiscal years 2022 through 2026 by its cognizant agency, U.S. EPA, on February 17, 2021. The approved rate is 150 percent on the basis of total direct salaries, wages and fringe benefits, including vacation, holiday and sick leave. To achieve equity across all federal programs and other programs charged, the Authority’s applied indirect cost rate is 85 percent due to limitations on the availability of administrative funds in certain programs. During the year, the Authority had $2,670,476 in indirect cost recoveries from administered externally-funded programs
On June 30, 2025, the Authority had $1,335,163,981 in loans receivable outstanding, which were originally funded by the State Revolving Funds (Clean Water) Program and $435,835,966 in loans receivable outstanding, which were originally funded by the State Revolving Funds (Drinking Water) Program. These loans are not considered to have significant subsequent compliance responsibilities. Both amounts are inclusive of original funding under the American Recovery and Reinvestment Act of 2009 (ARRA) and subsequently transferred to their respective base federal program. In addition, the Authority was awarded the Additional Supplemental Appropriations for Disaster Relief Act, 2019 (ASADRA) for these programs and their balances are included, respectively. Moreover, in 2022, the Authority received funding through the Bipartisan Infrastructure Law (BIL), signed into legislation in 2021, for the State Revolving Funds (Clean Water) and (Drinking Water) Programs. Loan balances for these funds are also included and are reflected in their respective programs