Notes to SEFA
The accompanying schedule of expenditures of Federal awards includes the Federal award activity of Addison County Economic Development Corporation (the "Organization"), under programs of the Federal Government for the year ended June 30, 2025 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 the Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.
(1) 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 and/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. (2) The Organization has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The loan programs listed below are administered directly by the Organization, and the balances and transactions relating to these loan programs are included in the Organization's basic financial statements. Loans outstanding at the beginning of the year, and loans made during the current year, are included in the Schedule. The balances of outstanding loans at June 30, 2025 consisted of the following: USDA IRP #2 $62,334 + USDA IRP #6 $275,938 + USDA IRP #7 $99,967 + USDA IRP #9 $500,000 = Total $938,239.