Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Valley Small Business Development Corporation under the programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Valley Small Business Development Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Valley Small Business Development Corporation.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
INTERMEDIARY RELENDING PROGRAM (10.767) - Balances outstanding at the end of the audit period were 1616666. 90% LOAN GUATANTEE PROGRAM (10.U01) - Balances outstanding at the end of the audit period were 4212701. RURAL MICROENTREPRENEUR ASSISTANCE PROGRAM (10.870) - Balances outstanding at the end of the audit period were 380108. RURAL MICROENTREPRENEUR ASSISTANCE PROGRAM (10.870) - Balances outstanding at the end of the audit period were 22952.
Title: SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Valley Small Business Development Corporation under the programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Valley Small Business Development Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Valley Small Business Development Corporation.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Of the federal expenditures presented in this schedule, the Valley Small Business Development Corporation (the Corporation) did not provide any federal awards to subrecipients.