The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Milwaukee Economic Development Corporation (the Corporation) 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 Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Corporation.
Loans issued to economic development projects under the Community Development Block Grants/ Entitlement Grants Program (CDBG) (assistance listing number 14.218) were $1,650,000 during the year ended December 31, 2025. The balance of loans outstanding under the CDBG program was $3,353,716 at December 31, 2025. For the purpose of calculating federal expenditures for the Schedule, grants for revolving loan funds (RLF) under the Economic Adjustment Assistance Program (EDA) (assistance listing number 11.307) are calculated as the federal share of the sum of RLF loans outstanding at the end of the fiscal year, cash and investment balance in the RLF at the end of the fiscal year, administrative expenses paid out of RLF income during the year and the unpaid principal of all loans written off during the year. Loan balance $2,566,419, $2,737,793. Cash accounts $361,372, $438,223. Management fees $52,556, $58,312. Loans written off $0, $0. Subtotal $2,980,348, $3,234,328. Federal share 100%, 50%. Total $2,980,348, $1,617,164. Loans issued under EDA were $677,000 during the year ended December 31, 2025. Loans issued under the Community Development Financial Institutions Rapid Response Program (assistance listing number 21.024) were $81,667 during the year ended December 31, 2025. The balance of loans outstanding under the Rapid Response program was $2,398,258 at December 31, 2025. Loans issued under the Community Development Financial Institutions Recovery Program (assistance listing number 21.033) were $0 during the year ended December 31, 2025. The balance of loans outstanding under this program was $1,908,874 at December 31, 2025.