The accompanying schedule presents only the expenditures incurred by the Los Angeles County Development Authority (the "LACDA"), a discretely presented component unit of the County of Los Angeles, California, that are reimbursable under federal programs of federal assistance. For the purposes of this schedule, federal awards include both federal financial assistance received directly from a federal agency, as well as federal funds received indirectly by the LACDA from a , non-federal agency or other organization. Only the portion of program expenditures reimbursable with such federal funds is reported in the accompanying schedule. Program expenditures in excess of the maximum federal reimbursement authorized or the portion of the program expenditures that were funded with state, local, or other non-federal funds are excluded from the accompanying schedule.
The accompanying schedule is presented using the basis of accounting prescribed by the respective granting agencies. Differences between the granting-agencies' basis of accounting and the modifiedaccrual basis of accounting used by the LACDA in preparing its governmental fund financial statements are as follows: • Amounts disbursed in exchange for notes receivable are treated as expenditures under the grantingagencies' basis of accounting. • Notes receivable collections are treated as grant income under the granting-agencies' basis of accounting. • Principal payments of long-term debt are treated as a reduction of the long-term debt and are not considered to be expenditures under the granting-agencies' basis of accounting.
Total expenditure amounts reported in the accompanying schedule of expenditures of federal awards agree with the total expenditure amounts reported in the related federal financial reports in all material respects, except for the effect of timing differences described in Note 2. The LACDA has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Federal award activities are recorded in the LACDA's special revenue funds and enterprise funds in the basic financial statements.
The loan programs relating to assistance for low-income, elderly, and handicapped persons and development projects are administered directly by the LACDA; and balances and transactions relating to these programs are included in the LACDA's basic financial statements. federal expenditures presented in the accompanying schedule. The balance of loans outstanding at June 30, 2025, consists of: Assistance Listing Number Program Name Balance at June 30, 2025 11.307 EDA Loan Program $ 8,693,557 14.218 CDBG Revolving Loan Program 1,063,834 14.218 Other CDBG Loans 175,000 14.248 Section 108 Loan Program 1,625,000 $ 11,557,391
were as follows: Program Identification Number Amount CA16P002-501-22 $ 498 CA16P002-501-23 1,163,809 CA16P002-501-24 8,019,584 CA16H002-501-20 537,364 CA16H002-501-22 Hazard 874,590 CA16E002-501-24 21,045 $ 10,616,891