Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal grant activity of Rockford Local Development Corporation. and is presented on the accrual basis of accounting. 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 Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.
Expenditures 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. Rockford Local Development Corporation elected to include the 15% de minimis indirect cost rate allowed under the Uniform Guidance.
Rockford Local Development Corporation received no federal non-cash assistance during the year ended September 30, 2025. Rockford Local Development Corporation had no sub-recipients during the year ended September 30, 2025.
Outstanding loan balances under the EDA ARPA Revolving Loan Fund program was $2,181,060 at September 30, 2025.