Notes to SEFA
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of GRADD under programs of the federal government for the year ended June 30, 2022. 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 operations of GRADD, it is not intended to, and does not, present the financial position, changes in net assets or cash flows of GRADD.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
GRADD did use the 10% de minimis cost rate allowed by the Uniform Guidance
The following amounts were used to calculate the federal expenditures for the Economic Adjustment Assistance Loan Program: 04-79-07524 Balance of RLF CARES loans outstanding at year end $2,709,989 Cash and investment balance at year end $745,903. Administrative expenses paid out of RLF CARES income during year $30,897 Unpaid principal of loans written off during the year $0 Total $3,486,789
GRADD Passed funds through to numerous subrecipients during the fiscal year ended June 30, 2025. This amount totaled to $2,271,503