Notes to SEFA
Title: Note 1-Basis of presentation
Accounting Policies: Expenditures reported in the SEFSA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and State Single Audit Implementation Act, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal and state awards ("SEFSA") includes the federal and state grant activity of the Piedmont Triad Regional Development Corporation (the "Corporation"). The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards ("Uniform Guidance"); and the State Single Audit Implementation Act. Therefore, some amounts presented in the SEFSA may differ from amounts presented in, or used in, the preparation of the financial statement.
Title: Note 2 - Loans outstanding
Accounting Policies: Expenditures reported in the SEFSA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and State Single Audit Implementation Act, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
[1] - EDA (non-CARES) - Fund 10: Principal Balance on RLF's: 1,423,025 plus Cash in RLF: 638,553 plus Administrative expenses paid out during fiscal year: - plus Unpaid Principal of loans written off: - Total Balance: 2,061,578 Total per SEFSA: 2,061,578 X 50% = 1,030,789; [1] - EDA (CARES) - Fund 11: Principal Balance on RLF's: 1,810,073 plus Cash in RLF: 192,814 plus Administrative expenses paid out during fiscal year: 117,235 plus Unpaid Principal of loans written off: - Total Balance: 2,120,122 Total per SEFSA: 2,120,124