The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of the Commission under programs of the federal government for the year ended June 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 for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Commission, it is not intended to and does not present the financial position, changes in net position or cash flows of the Commission.
Expenditures reported 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. Therefore, some accounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
The Commission has a negotiated indirect cost rate of 46.14%.
The current year $1,762,059 Economic Development Administration (EDA) Revolving Loan Fund (RLF) (CFDA 11.307) expenditures, disclosed in the Schedule of Expenditures of Federal Awards, constituted 100 percent of the combined EDA RLF of June 30, 2025, outstanding loan balances, June 30, 2025 cash and investment balances and June 30, 2025 administrative expenses of $1,762,059 as follows: EDA Cares Total RLF RLF Programs Balance of RLF principal outstanding on loans as of June 30, 2025 $ 864,197 $ 864,197 Add: Cash and investment balance in RLF at the end of the fiscal year 895,746 895,746 Administrative expenses paid out of RLF income during the fiscal year 2,116 2,116 Unpaid principal of all loans written off during the fiscal year - - Total RLF as of June 30, 2025 1,762,059 $ 1,762,059 Multiply: Federal share of RLF 100% Expenditures of federal awards for RLF programs as of June 30, 2025 $ 1,762,059 The federal share of the RLF is defined as the federal participation rate (or the federal grant rate) as specified in the grant award.