Title: Business Development Centre, Inc - Revolving Loan Fund
Accounting Policies: The accompanying schedule of federal awards is prepared on the modified accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate. The City has elected to use the de minimis 10% cost rate for certain grants.
The Centre administers the Economic Development Administration Special Economic Adjustment Assistance Revolving Loan Fund Program ALN 11.307 (01-49-03245) on behalf of the City of Lynchburg. Loans under this program are subject to various restrictions as determined by the Economic Development Administration. The Centre received the funds indicated as follows through the fiscal year ended June 30, 1998. No funds have been received since that date.Federal State LocalAmount received through June 30, 1993 $ 45,000 $ - $ 24,000Amount received through June 30, 1994 127,836 - 33,612Amount received through June 30, 1995 44,027 - 14,676Amount received through June 30, 1996 108,201 - 36,067Bad debt charge off for the year endedJune 30, 1996 (3,005) - (1,002)Amount received through June 30, 1997 10,268 - 3,423Recapitalized from earnings for the yearended June 30, 1997 3,005 - 1,002Amount received through June 30, 1998 159,668 40,000 13,222$ 495,000 $ 40,000 $ 125,000
Title: Non-monetary Assistance
Accounting Policies: The accompanying schedule of federal awards is prepared on the modified accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate. The City has elected to use the de minimis 10% cost rate for certain grants.
Non-monetary assistance is reported in the Schedule of Federal Awards at the fair market value of the food commodities.
Title: Subgrantees
Accounting Policies: The accompanying schedule of federal awards is prepared on the modified accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate. The City has elected to use the de minimis 10% cost rate for certain grants.
The federal expenditures for the Community Development Block Grant, the Home Investment Trust, and the WorkforceInvestment Act Cluster programs include grants to subrecipients as follows:Subrecipient CommunityDevelopmentBlock GrantHOMEInvestmentPartnershipsProgramWorkforceInvestment ActClusterCoronavirus Relief Supplement $ 125,294 $ - $ -Habitat for Humanity - 235,904 -Lynchburg Community Action Group - - -Lynchburg Redevelopment & Housing Authority 78,521 - -Region 2000 Local Government Council - - 1,399,711Miriams House 64,622 - -Blue Ridge Mountains Council Boy Scouts 17,676 - -Rush Homes - 156,773 -$ 286,113 $ 392,677 $ 1,399,711
Title: Program Income
Accounting Policies: The accompanying schedule of federal awards is prepared on the modified accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate. The City has elected to use the de minimis 10% cost rate for certain grants.
The City did not receive any program income during FY2022 for the Community Development Block grant.
Title: Virginia Revolving Loan Fund (ALN 66.458)
Accounting Policies: The accompanying schedule of federal awards is prepared on the modified accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate. The City has elected to use the de minimis 10% cost rate for certain grants.
As of June 30, 2022, the City had an outstanding balance through the Virginia Revolving Loan Fund in the amount of $29,600,000 which includes federal funded loans. Expenditures associated with federally funded loans in FY 2022 totaled $1,387,286.