Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) has been prepared as required under the Office of Management and Budget (OMB) Uniform Guidance. The purpose of the schedule is to present a summary of those activities of Hudson Valley Agri-business Development Corporation’s for the year ended December 31, 2025 using the accrual basis of accounting. For purposes of this schedule, federal awards include any assistance provided by a federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, direct appropriations, loans and loan guarantees, and other noncash assistance. Because the schedule presents only a selected portion of the activities of the Organization, it is not intended to, and does not, present either the financial position, or statement of activities and other changes in net assets of the Organization.
The Organization has a revolving loan fund program which was originally funded with federal assistance through United States Department of Commerce – Economic Development Administration (EDA). EDA retains a federal interest in the RLF awards until the RLF award is terminated or EDA releases its federal interest in the RLF award funds. As such, required reporting and EDA oversight of the RLF continues until the award is terminated or EDA releases its federal interest in RLF award funds. The outstanding balance on these loans at December 31, 2025 was $835,866. The calculation for the federal awards expended is displayed in the tables below: "See the Notes to the SEFA for chart/table"
Indirect costs are charged to federal grants and contracts when applicable at a predetermined rate and the Organization has elected to use the 10 percent de-minimis indirect cost rate allowed under Uniform Guidance.
None of the federal awards presented in the accompanying schedule of expenditures of federal awards were provided to sub-recipients for the year ended December 31, 2025.