Notes to SEFA
This accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity ofEconomic Development Collaborative – Ventura County (the "Organization) under programs of the federalgovernment for the year ended December 31, 2025. The information in this Schedule is presented in accordancewith 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 presentsonly a selected portion of the operations of the Organization, it is not intended to and does not present thefinancial position, changes in net assets, or cash flows of the Organization.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expendituresare not allowable or are limited as to reimbursements.
The Organization has elected not to use the 15 percent de minimis indirect cost rate as allowed under the UniformGuidance.
The Organization administers a revolving loan fund under the Economic Adjustment Assistance Program(Assistance Listing Number 11.307) funded by the U.S. Department of Commerce. This program had loansoutstanding greater than $1,000,000 at year-end and is considered a large loan for purposes of Uniform Guidance. The federal expenditures from the Economic Adjustment Assistance program include $231,858 of cash at year-end,$1,919,665 of outstanding loans at year end and $39,199 of administrative costs. In addition, there were $46,870of new loans issued during 2025.
The Organization did not pass through any federal awards to subrecipients during the year ended December 31,2025.
The Schedule of Expenditures of Federal Awards includes expenditures under multiple federal award types. Certain awards are subject to compliance requirements identified in Part 3.1 of the OMB Compliance Supplement, while other awards are subject to program-specific compliance requirements identified in Part 3.2. Accordingly, the compliance requirements applicable to expenditures reported on the Schedule may vary by federal program and award agreement.