Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") has been prepared as required under the Office of Management and Budget (OMB) Uniform Guidance. The purpose of the schedule is to present a summary of those activities of Columbia Economic Development Corporation for the year ended December 31, 2022 using the accrual basis of accounting. For purposes of this schedule, federal awards include any assistance by a federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, direct appropriations, loans or loan guarantees, and other noncash assistance. Because the schedule presents only a selected portion of the activities of the Organization, it is not intended to, and does not, present either the financial position, or statement of activities and other changes in net assets of the Organization.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
DISASTER ASSISTANCE LOANS (59.008) - Balances outstanding at the end of the audit period were 100000.
Title: NOTE 3 - SUB-RECPIENTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") has been prepared as required under the Office of Management and Budget (OMB) Uniform Guidance. The purpose of the schedule is to present a summary of those activities of Columbia Economic Development Corporation for the year ended December 31, 2022 using the accrual basis of accounting. For purposes of this schedule, federal awards include any assistance by a federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, direct appropriations, loans or loan guarantees, and other noncash assistance. Because the schedule presents only a selected portion of the activities of the Organization, it is not intended to, and does not, present either the financial position, or statement of activities and other changes in net assets of the Organization.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
None of the federal awards presented in the accompanying schedule of expenditures of federal awards were provided to sub-recipients for the year ended December 31, 2022.