Notes to SEFA
Title: Note 3 Economic Development Administration Revolving Loan Grant
Accounting Policies: Note 1. GeneralThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal financial assistance programs for the North Central Regional Planning Commission (the Commission). The reporting Commission is defined in Note 1 of the Commissions basic financial statement. Federal financial assistance received directly from federal agencies as well as federal financial assistance passed through other government agencies are included on the Schedule.Note 2. Basis of PresentationThe accompanying Schedule is presented on a basis which is the same basis of accounting as the financial statement. The information in the Schedule is presented in accordance with 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 presents only a selected portion of the operations of the Commission, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Commission.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The calculation of expenditures of federal awards for the Economic Development Administration, Economic Adjustment Assistance Revolving Loan Fund (RLF) grant program follows:Balance of RLF loan - 1990 outstanding as of June 14, 2021* $846,865 Cash and investment balance in RLF as of June 14, 2021 93,941 Administrative expense paid out of RLF income from April 1, 2021 thru June 14, 2021 3,015 Subtotal 943,821 Federal share of the RLF 69.12%Expenditures of federal awards $652,369 Balance of RLF loan - 2020 outstanding as of March 31, 2022 $955,603 Cash and investment balance in RLF as of March 31, 2022 58,907 Administrative expense paid out of RLF income during the fiscal year 5 Subtotal 1,014,515 Federal share of the RLF 100.00%Expenditures of federal awards $1,014,515 * On June 14, 2021, the RLF loan - 1990 was defederalized.