Notes to SEFA
Title: Note 1 Basis of Presentation
Accounting Policies: Note 2 Summary of Significant Accounting Policies Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: OMEGA has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of federal awards expenditures (the schedule) includes the federal award activity of the Ohio Mid-Eastern Governments Associations (OMEGA) under programs of the federal government for the year ended June 30, 2022. The information on this schedule is prepared 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). Because the schedule presents only a selected portion of the operations of OMEGA, it is not intended to and does not present the financial position or changes in net position or fund balances of OMEGA.
Title: Note 3 Revolving Loan Fund
Accounting Policies: Note 2 Summary of Significant Accounting Policies Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: OMEGA has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
OMEGA has established a Revolving Loan Program to provide low-interest loans to businesses to create or retain jobs in the region. The Appalachian Regional Commission (ARC) and the Economic Development Administration (EDA) have granted money for these loans to OMEGA. The initial loan of this money is recorded as a disbursement on the schedule. The principal portion of loans repaid is used to make additional loans. Subsequent loans are subject to certain compliance requirements imposed by the grantors, and are also included as expenditures on the schedule. Collateral for these loans is determined on a case by case basis, but includes mortgages on real estate and liens on business equipment and inventory.Current year activity in the EDA CARES Act Revolving Loan fund during fiscal year 2022 is as follows:Loans receivable balance as of June 30, 2022$500,540Cash balance on hand in the revolving loan fund as of June 30, 202257,468Administrative costs expended during fiscal year 202212,699Total (federal share of 100%)$570,707Current year activity in the ARC Revolving Loan fund during fiscal year 2022 is as follows:Loans receivable balance as of June 30, 2021$909,054New loans disbursed during 2022100,000Administrative costs expended during fiscal year 2022 5,970Total$1,015,024
Title: Note 4 Matching Requirements
Accounting Policies: Note 2 Summary of Significant Accounting Policies Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: OMEGA has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Certain federal programs require OMEGA to contribute non-federal funds (matching funds) to support the federally-funded programs. OMEGA has met its matching requirements. The schedule does not include the expenditure of non-federal matching funds.