Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Capital Area Development Corporation of West Virginia (dba Charleston Area Alliance) and Affiliates (the “Alliance”) 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 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 Alliance, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Alliance.
At December 31, 2025, the Alliance had no outstanding loan balances requiring continuing disclosure.
During the year ended December 31, 2025, the US Department of Commerce approved a budgetary spending amendment to the Alliance, which reallocated costs from equipment line items to construction, architectural, and engineering budget line items. This amendment allowed for non-federal costs incurred in previous years to be eligible for expenditure under the Economic Adjustment Assistance, ALN 11.307, Grant No. 01-79-15296. Additionally, certain costs previously incurred and reported in a prior year under the Coronavirus State and Local Fiscal Recovery Funds, ALN 21.027, Grant No. SLFRP0368 were approved for reassignment by the pass-through grantor. Pursuant to the US Department of Commerce’s written approval dated August 5, 2025, the non-federal costs and reallocated federal costs totaling $400,000 and $731,880, respectively, incurred prior to January 1, 2025, were reassigned to the Economic Adjustment Assistance, ALN 11.307, Grant No. 01-79-15296. Accordingly, $1,131,880 of expenditures included in the Schedule for the year ended December 31, 2025 under ALN 11.307 contain underlying costs originally incurred in prior periods. The Alliance did not amend prior-year Schedules because the budgetary amendment authorization occurred during the year ended December 31, 2025 and the Alliance recognized the expenditures in the Schedule under the new award in this period in accordance with the US Department of Commerce’s guidance and the Uniform Guidance. The reassigned costs were subjected to applicable current year compliance requirements in accordance with the Uniform Guidance and the terms of the amended award.