Notes to SEFA
Title: Loan Balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Northeast Nebraska Economic Development District and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Outstanding loan balances under the COVID-19 Economic Adjustment Assistance Program totaled $1,762,076 at June 30, 2022.
Title: Economic Adjustment Assistance Program Revolving Loan Fund
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Northeast Nebraska Economic Development District and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The calculation for the COVID-19 Economic Adjustment Assistance Program Revolving Loan Fund for the year ending June 30, 2022 is as follows: 6/30/2022Principal Outstanding Loans$ 1,762,076Cash and Investment Balance 451,229Administrative Expenses 28,594 2,241,899Federal Grant Rate 100%Economic Adjustment Assistance $ 2,241,899