Notes to SEFA
Title: Loan Program Balance
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards of Rockingham Economic Development Corporation, dba Regional Economic Development Center of Southern New Hampshire and is presented on the accrual basis of accounting. The information in the 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). Because the Schedule presents only a selected portion of the operations of Rockingham Economic Development Corporation, dba Regional Economic Development Center of Southern New Hampshire, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Rockingham Economic Development Corporation, dba Regional Economic Development Center of Southern New Hampshire. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
As of March 31, 2022, the balance of loans under the U.S. Department of Agriculture Intermediary Relending Program was $1,600,788, the U.S. Small Business Administration Microloan Program was $1,469,578, and the Department of the Treasury Community Development Financial Institutions Program was $709,760.
Title: COVID-19 Related Funding
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards of Rockingham Economic Development Corporation, dba Regional Economic Development Center of Southern New Hampshire and is presented on the accrual basis of accounting. The information in the 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). Because the Schedule presents only a selected portion of the operations of Rockingham Economic Development Corporation, dba Regional Economic Development Center of Southern New Hampshire, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Rockingham Economic Development Corporation, dba Regional Economic Development Center of Southern New Hampshire. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the fiscal year 2022, Rockingham Economic Development Corporation expended amounts under three grants for COVID-19 related funding purposes. The amounts received were $239,918 under a Community Development Block Grant passed through the County of Cheshire from the U.S. Department of Housing and Urban Devlopment, $202,631 under an Economic Adjustment Assistance grant from the U.S. Department of Commerce and $1,400,000 under a CDFI Rapid Response Program grant from the U.S. Department of the Treasury. Total COVID-19 related Federal expenditures were $1,842,549 during the fiscal year 2022.