The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Coastal Enterprises, Inc. and Affiliates (the "Corporation") under programs of the federal government for the year ended September 30, 2025. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S Code of Federal Regulations (CFR) 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 Corporation, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of the Corporation. All financial assistance received directly from the federal agencies as well as financial assistance passed through other governmental agencies or nonprofit organizations are included on the Schedule.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles contained in the Uniform Guidance, or the cost principles contained in OMB Circular A-122, Cost Principles for Nonprofit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
Notes payable outstanding at the beginning of the year and loans received during the year are included in the federal expenditures presented in the Schedule. The balance of the notes outstanding on September 30, 2025, consists of the following: Community Facilities Direct Loan (10.766) with an outstanding balance of $18,070,800; Intermediary Relending Program (10.767) with an outstanding balance of $1,918,823; Microloan Program (59.046) with an outstanding balance of $1,553,518; and Rural Rental Housing Loans (10.415) with an outstanding balance of $128,811.
The Corporation received an Economic Development Assistance ("EDA") Revolving Loan Fund ("RLF") grant in 2020 in the amount of $3,278,000, of which $2,980,000 is to be used for the RLF and $298,000 for technical assistance. The grant had no match. The components of the RLF amounts as reported on the SEFA consist of the following on September 30, 2025: For contract award number 01-79-15026, the Corporation had a balance of RLF principal outstanding loans of $2,367,626, cash and investment balance in the RLF of $960,276, and administrative expenses paid out of the RLF of $99,550. The federal share percentage for this award is 100% therefore the federal share of the RLF is $3,427,452.
The Corporation has not elected to use the de minimis indirect cost rate as allowed under the Uniform Guidance.