Notes to SEFA
The accompanying consolidated schedule of expenditures of federal awards (the “Schedule”) includes the federal grant award activity of Franklin County Community Development Corporation and Affiliate 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 Franklin County Community Development Corporation and Affiliate it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of Franklin County Community Development Corporation and Affiliate.
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.
U.S. Department of Agriculture Intermediary Relending Program $ 401,008 Economic Adjustment Assistance Rural Microentrepeneur Assistance Program $461,723 Revolving Loan Fund $54,659
Balance of RLF loans outstanding at June 30, 2025- $242,382 Cash balance in the RLF at June 30, 2025- $195,445 Administrative expenses paid out of RLF income during the year ended June 30, 2025- $23,896 Unpaid principal of all loans written off during the year ended June 30, 2025- $461,723 The Federal share of the RLF- 100.00% Total Expenditures Reported on the Schedule of Expenditures of Federal Awards- $ 461,723 Total Expenditures Reported on the Schedule of Expenditures of Federal Awards $ 461,723
Franklin County Community Development Corporation and Affiliate (FCCDC) has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance during the year ended June 30, 2025. After the fiscal year ended June 30, 2025 and as of October 1, 2025, FCCDC elected the new federal 15% de minimis indirect cost rate allowed under the Uniform Guidance.