Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Renaissance Economic Development Corporation (“REDC”) for the year ended December 31, 2025. The information in the 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 (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of REDC, it is not intended to and does not present the financial position or changes in net assets or cash flows of REDC.
Expenditures reported on the Schedule are reported on the 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 limited as to reimbursement.
REDC has elected not to use the 15 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal expenditures reported in the accompanying Schedule for Assistance Listing No. 59.046, Microloan Program include loans originated during the year ended December 31, 2025. Outstanding loans from prior years were not included in federal expenditures reported on the Schedule because the program did not impose continuing compliance requirements on those outstanding loans.