Notes to SEFA
Title: Reporting of Revolving Loan Funds on the Schedule of Federal Awards
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Racine County Economic Development Corporation 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 Organization does not use the de minimus cost rate. Indirect costs are allocated based on and charged to grants per allowable grant budgets.
City RLF Principal balance end of year is $848,817, cash and investment balances are $621,540, and admin expenses paid out of loan funds if $30,384; the total federal share is 71% which is $1,062,184. The County EDA Principal balance end of year is $1,063,375, cash and investment balances are $361,783, and admin expenses paid out of loan funds if $50,353; the total federal share is 64% which is $938,961. Zero RLF Principal balance end of year is $3,141,378, cash and investment balances are $211,124, and unpaid principal of loans written of during the year was $27,455; the total federal share is 100% which is $3,379,957.