The accompanying schedule of federal awards is prepared on the modified accrual basis of accounting.
The Centre administers the Economic Development Administration Special Economic Adjustment Assistance Revolving Loan Fund Program CFDA 11.307 (01-49-03245) on behalf of the City of Lynchburg. Loans under this program are subject to various restrictions as determined by the Economic Development Administration. The Centre received the funds indicated as follows through the fiscal year ended June 30, 1998. No funds have been received since that date. Federal State Local Amount received through June 30, 1993 $ 45,000 $ - $ 24,000 Amount received through June 30, 1994 127,836 - 33,612 Amount received through June 30, 1995 44,027 - 14,676 Amount received through June 30, 1996 108,201 - 36,067 Bad debt charge off for the year ended June 30, 1996 (3,005) - (1,002) Amount received through June 30, 1997 10,268 - 3,423 Recapitalized from earnings for the year ended June 30, 1997 3,005 - 1,002 Amount received through June 30, 1998 159,668 40,000 13,222 $ 495,000 $ 40,000 $ 125,000
Non-monetary assistance is reported in the Schedule of Federal Awards at the fair market value of the food commodities.
The City has elected to use the de minimis 10% cost rate for certain grants.
The federal expenditures for the Community Development Block Grant, the Home Investment Trust, and the Workforce Investment Act Cluster programs include grants to subrecipients as follows: Subrecipient Community Development Block Grant HOME Investment Partnerships Program Workforce Investment Act Cluster American Rescue Plan Relief Supplement $ - $ 4,096 $ - Coronavirus Relief Supplement 42,177 - - Habitat for Humanity - 84,836 - Lynchburg Redevelopment & Housing Authority 23,613 - - Region 2000 Local Government Council - - 1,210,169 Miriam’s House 82,751 - - Blue Ridge Mountains Council Boy Scouts 4,115 - - Lynchburg Community Action Group - 34,529 - $ 152,656 $ 123,461 $ 1,210,169
The City received no program income during FY2025 for the Community Development Block grant.
As of June 30, 2025, the City had an outstanding balance through the Virginia Revolving Loan Fund in the amount of $27,175,000 which includes federal funded loans. Expenditures associated with federally funded loans in FY 2025 totaled $936,570.