Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Note 1 Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federalgrant activity of Ashtabula County 503 Corporation under the programs of the federal government forthe year ended September 30, 2022. The information in this schedule is presented in accordance withthe requirements of Title 2 U.S. Code of Federal Regulations Part 200 Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Because the schedule presents only a selected portion of the operations of the Company, it is not intendedto and does not present the financial position, change in net assets and cash flows of Ashtabula County503 Corporation.Note 2 Summary of Significant Accounting PoliciesThe accompanying schedule is prepared on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in Uniform Guidance, wherein certain types ofexpenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
INTERMEDIARY RELENDING PROGRAM (10.767) - Balances outstanding at the end of the audit period were 433682. RURAL BUSINESS ENTERPRISE GRANTS (10.769) - Balances outstanding at the end of the audit period were 136982. ECONOMIC ADJUSTMENT ASSISTANCE (11.307) - Balances outstanding at the end of the audit period were 1624115.