Notes to SEFA
The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as the District's financial statements. The District uses the accrual basis of accounting. Expenditures represent only the federally funded portions of the program. District records should be consulted to determine amounts expended or matched from non-federal sources.
Value of new loans made during audit period: $150,092 Administrative expenses for the year ended: $1,768 EDA's Share Percentage: 100% Total Revolving Loan Funds: $151,860
Tested as a major program (Telecommunications Initiative)
The District has not elected to use the 10% de minimis indirect cost rate.