Notes to SEFA
Title: NOTE 3 - FEDERAL LOANS DISBURSED
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal awardactivity of Miami County Economic Development Authority (the Unit) under programs of the federalgovernment for the year ended December 31, 2022. The information in this Schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Because the Schedule presents only a selected portion of the operations of the Unit, it is notintended to and does not present the receipts, disbursements, and cash and investment balances regulatory basis of the Unit.Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expendituresare recognized following cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. When federal grants are received on areimbursement basis, the federal awards are considered expensed when the reimbursement is received.
De Minimis Rate Used: N
Rate Explanation: NOTE 2 - INDIRECT COST RATE The Unit has elected not to use the 10-percent de minimis indirect cost rate as allowed under the UniformGuidance.
NOTE 3 - FEDERAL LOANS DISBURSED - The amount presented for Community facilities loans and grants represents the loan balance outstanding at December 31, 2022 for which the government imposes continuing compliance requirements. The balance of outstanding loans at December 31, 2022 was $5,411,156.