Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of South Eastern Economic Development Corporation (SEED) under programs of the federal government for the year ended September 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 of Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of SEED it is not intended to and does not present the financial position, changes in net assets, or cash flows of SEED. Type A programs are determined to be the larger of $1,000,000 or three (3) percent of total federal awards expended if total awards exceed $1,000,000. There were no awards received that were passed through to subrecipients.
The federal loan programs listed on the Schedule of Expenditures of Federal Awards are administered directly by SEED and balances and transactions relating to the programs are included in the SEED's basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule of Expenditures of Federal Awards. The balance of loans outstanding as of September 30, 2025 are: EDA - Economic Adjustment Assistance Programs-SEED RLF #7, American Rescue Plan Act. , Assistance Listing Number- 11.307 , 9/30/2025 Loan Balance-$2,806,205; EDA - Economic Adjustment Assistance Programs-SEED RLF, American Rescue Plan Act. , Assistance Listing Number- 11.307 , 9/30/2025 Loan Balance-$3,529,960; EDA - Economic Adjustment Assistance Programs- CARES Act.,Assistance Listing Number-11.307,9/30/2025 Loan Balance-$2,570,662, Community Development Block Grants/Entitlement Grants, Assistance Listing Number-14.218, 9/30/2025 Loan Balance-$725,902 Micro loan program, Assistance Listing Number-59.046, 9/30/2025 Loan Balance- $1,581,002;Community Development Financial Institutions Program, Assistance Listing Number-21.020, 9/30/2025 Loan Balance- $5,029,307.