Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grantactivities of Sunshine State Economic Development Corporation. The information in theschedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the schedule presents onlya selected portion of the operations of SEDCO, it is not intended to and does not present thestatements of financial position, activities, functional expenses or cash flows of SEDCO.Some amounts presented in the schedule may differ from amounts presented or used in thepreparation of the financial statements.Expenditures reported on the schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance,wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
7(A) LOAN GUARANTEES (59.012) - Balances outstanding at the end of the audit period were 1542296. INTERMEDIARY LOAN PROGRAM (59.062) - Balances outstanding at the end of the audit period were 489122.