Notes to SEFA
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The expenditures of the EDA RLF is as follows: Balance of RLF principal outstanding on loans at the end of the fiscal year, plus $ 360,127 Cash and investment balance in the RLF at end of the fiscal year, plus 159,245 Administrative expenses paid using RLF income during fiscal year, plus 1,890 Administrative expense paid using award funds designated for administrative expenses during fiscal year, plus - Unpaid principal of all loans written off during the fiscal year - 521,262 Multiply the above sum by the federal share of RLF award (per grant award) 100% Total Expenditures for SEFA $ 521,262