Notes to SEFA
E. RLF Defense Loan Program - In addition to programs reported in the Schedule of Expenditures of Federal Awards, the Greater Portland Council of Governments has a federal revolving loan program under the Economic Development Administration Defense Loan Fund (Assistance Listing #11.307). The program was established with a $2,900,000 loan from the EDA with a match provided by the Council in the amount of $1,000,000.
The following represents the EDA guidelines on calculating federal expenditures for determining programs to be tested under the Uniform Guidance:
EDA Defense Revolving Loan Fund
Outstanding loans at 6/30/2025 $343,744
Cash on hand 6/30/2025 $ 154,072
Administrative expenses – year ended 6/30/2025 $ 9,226
Loan principal written off (recovered) – year ended 6/30/2025 $0
Percent of federal funds 74.36%
Federal expenditures for the EDA Defense Revolving Loan Program were calculated in accordance with EDA guidelines as follows. We have considered these loan balances in determining programs to be tested under the Uniform Guidance.
EDA Defense Revolving Loan Fund expenditures = ($343,744 + $154,072 + $9,226) x 74.36% = $377,037.