Notes to SEFA
The Port has a revolving loan program for small manufacturing firms in Whatcom County. The balance of the RLF loans outstanding at the end of 2025 totaled $118,499.52. The cash and investment balance of 2025 was $575,521.81 and there were no administrative expenses paid out during the year. The Federal share of the RLF was 75%. ($118,499.52+ 575,521.81 + 0) *0.75 = $520,516.
The amounts shown as current year expenditures represent only the federal award portion of the program costs. Entire program costs, including the Port's portion, are more than shown. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.