Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Valley Economic Development Partners, Inc. and Related Entities under programs of the federal government for the year ended December 31, 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 Organizations, it is not intended to and does not present the financial position, changes in net asset
Federal activity from the U.S. Department of Commerce (Assistance Listing #11.307) represents the federal share of the revolving loan fund balances loaned to third parties and cash and investment balances and administrative expenses paid in the revolving loan fund at year-end as required by the compliance supplement. Total expenditures at December 31, 2025 were calculated as follows: The federal activity reported under the Community Development Financial Institutions Fund Equitable Recovery Program (Assistance Listing #21.033) and the Community Development Financial Institutions Funds - Financial Assistance (Assistance Listing #21.020) represents current year loans issued and current year administrative expenses and not the total amount of loans outstanding as there are no continuing compliance requirements for outstanding loans. Federal activity from COVID-19 Coronavirus Relief Fund (Assistance Listing #21.027) represents the January 1, 2025 loan payable balances for each program plus new loans made or received during the year plus cash on hand for the programs. New loans totaling $1,276,816 were made to these funds during 2025. The balance of loans payable outstanding at December 31, 2025 was $8,272,933 for these programs. Federal activity from the U.S. Small Business Administration ILP (Assistance Listing #59.062) represents the beginning of the year balance of the loan payable plus new loans made or received during the year plus cash on hand for the program. No new loans were made during 2025. The balance of loans payable outstanding at December 31, 2025 was $400,694. Federal activity from the Department of Agriculture IRP (Assistance Listing #10.767) represents the beginning of the year balance of the loan payable plus cash on hand for the program. No new loans were made during 2025. The balance of loans payable outstanding at December 31, 2025 was $657,855. Federal activity from the Department of Agriculture Rural Business Development Grant (Assistance Listing #10.351) represents new loans made during 2025. The balance of loans payable outstanding at December 31, 2025 was $489,728.