Notes to SEFA
Title: CALCULATION OF FEDERAL AWARDS EXPENDED FOR EDA REVOLVING LOAN FUND
Accounting Policies: The Schedule of Expenditures of Federal and State Awards presents the activity of all applicable federal and state awards programs of the Ark-Tex Council of Governments. The Councils reporting entity is defined in Note 1 of the financial statements. Federal and state awards received directly from federal and state agencies, as well as awards passed through other government agencies, are included on the Schedule of Expenditures of Federal and State Awards. The Schedule of Expenditures of Federal and State Awards is presented using the modified accrual basis of accounting. The modified accrual basis of accounting is described in Note 1 of the financial statements. The information in this schedule is presented in accordance with the requirements of OMB Compliance Supplement and the State of Texas Uniform Grant Management Standards (UGMS). Therefore, some of the amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures for the EDA Revolving Loan Fund were calculated in accordance with 2 CFR 200 ?200.502(b) as follows:Revolving Loan Fund - COVID-19Value of new loans made during audit period $ 125,000Beginning balance of existing RLF loans (9/30/2021) 368,696Balance of undisbursed federal loan funds 44,806Administrative cost allowance during the fiscal year -Total EDA Revolving Loan Fund Expenditures 538,502Federal Participation Rate 100.00%Total Federal Share of EDA RLF Expenditures $ 538,502