Title: BASIS OF PRESENTATION
Accounting Policies: EXPENDITURES REPORTED ON THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (THE SCHEDULE) ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN TITLE 2 U.S. COSE OF FEDERAL REGULATIONS PART 200, UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS (UNIFORM GUIDANCE), WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: Y
Rate Explanation: NORTH CENTRAL MASSACHUSETTS DEVELOPMENT CORPORATION (THE ORGANIZATION) HAS ELECTED TO USE THE 10% DE MINIMUS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE.
THE SCHEDULE INCLUDES THE FEDERAL GRANT ACTIVITY OF THE ORGANIZATION UNDER PROGRAMS OF THE FEDERAL GOVERNMENT FOR THE YEAR ENDED SEPTEMBER 30, 2022. THE INFORMATION IN THE SCHEDULE IS PRESENTED IN ACCORDANCE WITH THE REQUIREMENTS OF THE UNIFORM GUIDANCE. BECAUSE THE SCHEDULE PRESENTS ONLY A SELECTED PORTION OF WTHE ORGANIZATION'S OPERATIONS, IT IS NOT INTENDED TO AND DOES NOT PRESENT THE FINANCIAL POSITION, CHANGE IN NET ASSETS OR CASH FLOWS OF THE ORGANIZATION.
Title: ECONOMIC ADJUSTMENT ASSISTANCE (AL #11.307)
Accounting Policies: EXPENDITURES REPORTED ON THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (THE SCHEDULE) ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN TITLE 2 U.S. COSE OF FEDERAL REGULATIONS PART 200, UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS (UNIFORM GUIDANCE), WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: Y
Rate Explanation: NORTH CENTRAL MASSACHUSETTS DEVELOPMENT CORPORATION (THE ORGANIZATION) HAS ELECTED TO USE THE 10% DE MINIMUS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE.
IN ACCORDANCE WITH THE U.S. OFFICE OF MANAGEMENT AND BUDGET (OMB) COMPLIANCE SUPPLEMENT FOR THIS PROGRAM, EXPENDITURES REPORTED ON THE SCHEDULE ARE CALCULATED AS FOLLOWS: AWARD #01-79-14996, REVOLVING LOAN FUND PRINCIPAL AT SEPTEMBER 30, 2022 $668,311, REVOLVING LOAN FUND CASH AND INVESTMENT BALANCES AT SEPTEMBER 30, 2022 $217,443, ADMINISTRATIVE EXPENSES PAID OUT OF THE REVOLVING LOAN FUND DURING FISCAL YEAR 2022 $0, TOTAL PROGRAM EXPENDITURES FOR THE YEAR ENDED SEPTEMBER 30, 2022 $885,754, FEDERAL SHARE OF THE REVOLVING LOAN FUND 100%, FEDERAL EXPENDITURES FOR THE YEAR ENDED SEPTEMBER 30, 2022 $885,754.
Title: LOAN AND GUARANTEE ASSISTANCE
Accounting Policies: EXPENDITURES REPORTED ON THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (THE SCHEDULE) ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN TITLE 2 U.S. COSE OF FEDERAL REGULATIONS PART 200, UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS (UNIFORM GUIDANCE), WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: Y
Rate Explanation: NORTH CENTRAL MASSACHUSETTS DEVELOPMENT CORPORATION (THE ORGANIZATION) HAS ELECTED TO USE THE 10% DE MINIMUS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE.
MICROLOAN PROGRAM (CFDA #59.046) FEDERAL AWARDS IN THE FORM OF LOANS FROM THE SMALL BUSINESS ADMINISTRATION (SBA) ARE INCLUDED ON THE SCHEDULE AT THEIR OUTSTANDING BALANCES AS OF OCTOBER 1, 2021 PLUS ANY NEW PROCEEDS RECEIVED DURING FISCAL YEAR 2022 AS THEY INCLUDE CONTINUING COMPLIANCE REQUIREMENTS. THE ACTIVITY ON THESE LOANS FOR THE YEAR ENDED SEPTEMBER 30, 2022 IS AS FOLLOWS: LOAN #705-808-5007 SBA, BALANCE OCTOBER 1, 2021 $147,451, PROCEEDS RECEIVED $0, PAYMENTS MADE $38,505, BALANCE SEPTEMBER 30, 2022 $108,946; LOAN #244-059-7010 SBA, BALANCE OCTOBER 1, 2021 $407,705, PROCEEDS RECEIVED $0, PAYMENTS MADE $58,808, AND BALANCE SEPTEMBER 30, 2022 $348,897; AND LOAN #444-581-7002 SBA, BALANCE OCTOBER 1, 2021 $486,111, PROCEEDS RECEIVED $0, PAYMENTS MADE $66,301, AND BALANCE SEPTEMBER 30, 2022 $419,810.
Title: SUBRECIPIENTS
Accounting Policies: EXPENDITURES REPORTED ON THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (THE SCHEDULE) ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN TITLE 2 U.S. COSE OF FEDERAL REGULATIONS PART 200, UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS (UNIFORM GUIDANCE), WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: Y
Rate Explanation: NORTH CENTRAL MASSACHUSETTS DEVELOPMENT CORPORATION (THE ORGANIZATION) HAS ELECTED TO USE THE 10% DE MINIMUS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE.
THERE WERE NO PASS THROUGH FEDERAL AWARDS MADE TO SUBRECIPIENTS BY THE ORGANIZATION DURING 2022.