Notes to SEFA
The accompanying schedule of expenditures of federal awards (“the Schedule”) includes the federal award activity of the RC under the programs of the federal government for the year ended June 30, 2023. 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 the 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: RLF CARES Loan Program Notes receivable balance at June 30, 2025 $ 246,855 Loans written off during the year 1 0,986 Cash and investment balance at June 30, 2025 145,379 Current year expenditures (cash basis) 576 Subtotal 403,796 At applicable rate ** 100.00% Expenditures of federal awards $ 403,796 ** [(sum of all EDA dollars from all grantee's RLF awards)/(sum of all project dollars for all grantee's RLF awards)]