Notes to SEFA
The schedule includes the federal award activity of LARDC under programs of the federal government for the year ended December 31, 2025. The information 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 LARDC, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of LARDC.
The calculation of total federal expenditures includes the beginning of year loan balances and new funds drawn, administration fees and technical assistance grant costs reimbursed. The calculation of total federal expenditures for each program are as follows: (SEE NOTE 4 FOR TABLE) The loan balances outstanding for each program as of December 31, 2025 are $672,823 for the Microloan Program, $413,972, for the Intermediary Relending Program, and $202,612 for the Rural Microentrepreneurial Assistance Program.
LARDC allocates a portion of overhead to two related-parties based on time spent within each entity. The related-parties share staff, office space, and other office resources. This same allocation method is used in allocating costs to the federal programs.