The accompanying schedule of expenditures of federal awards (the "Schedule") is a supplementary schedule to Greater Eastern Oregon Development Corporation's financial statements and is presented for purposes of additional analysis. Because the schedule presents only a selected portion of the activities of Greater Eastern Oregon Development Corporation, it is not intended to and does not present either the financial position, results of operations, or changes in net assets of the Corporation.
Reporting entity: The reporting entity is fully described in the notes to financial statements. The schedule includes all federal programs administered by the Corporation for the year ended June 30, 2025. Basis of presentation: The accompanying schedule includes the federal award activity of Greater Eastern Oregon Development Corporation, under programs of the federal government for the year ended June 30, 2025. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of the authority, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation. Federal financial assistance: Pursuant to the Single Audit Act and the Uniform Guidance, federal financial assistance is defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, or direct apropriations. Accordingly, non-monetary federal assistance, including federal surplus property, is included in federal financial assistance, and therefore, is reported on the schedule, if applicable. Federal financial assistance does not include direct federal cash assistance to individuals. Solicited contracts between an entity and the federal government for which the federal government procures tangible goods or services are not considered to be federal financial assistance. Major programs: The Single Audit Act and the Uniform Guidance establish criteria to be used in defining major programs. Major programs for Greater Eastern Oregon Development Corporation are those programs selected for testing by the auditor using a risk-assessment model, as well as certain minimum expenditure requirements, as outlined in the Uniform Guidance. Programs with similar requirements may be grouped into a cluster for testing purposes. Basis of accounting: Federal awards are reported using the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred. 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. Insurance coverage: For the fiscal year ended June 30, 2025, the Corporation had insurance coverage in effect comparable to other entities of similiar size and circumstance. Indirect cost rate: Greater Eastern Oregon Development Corporation uses the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
A summary of changes in EDA Revolving Loan Fund balances are as follows: See the Notes to the SEFA for chart/table
A summary of changes in the Intermediary Relending Program Revolving Loan Fund are as follows: See the Notes to the SEFA for chart/table
Low interest loans are federal financial assistance to the extent of the interest subsidy. Assuming fair value loan rate to be 8.0%, and knowing the actual loan rate to be 1%, subsidized interest is approximately $57,700.
A summary of changes in the Native American Entrepreneur Revolving Loan Fund are as follows: See the Notes to the SEFA for chart/table