Notes to SEFA
Title: NOTE B - EDA REVOLVING LOAN PROGRAM GRANT EXPENDITURES
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of federal award programs of the Detroit Economic Growth Corporation (the "DEGC"). Federal awards received directly from federal agencies, as well as federal awards passed through other agencies, are included on this schedule. / Basis of Presentation / The information in the accompanying schedule of expenditures of federal awards is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations ("CFR") Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the "Uniform Guidance"). Because this schedule presents only a selected portion of the DEGC's operations, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the DEGC. / Basis of Accounting / The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, in which certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Total program expenditures under the Economic Development Administration (the "EDA") revolving loan program grants for the year ended June 30, 2022 were determined as follows: / See notes to the SEFA for table
Title: NOTE C - REVOLVING LOAN PROGRAM VALUE
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of federal award programs of the Detroit Economic Growth Corporation (the "DEGC"). Federal awards received directly from federal agencies, as well as federal awards passed through other agencies, are included on this schedule. / Basis of Presentation / The information in the accompanying schedule of expenditures of federal awards is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations ("CFR") Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the "Uniform Guidance"). Because this schedule presents only a selected portion of the DEGC's operations, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the DEGC. / Basis of Accounting / The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, in which certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
As of June 30, 2022, the value of the revolving loan program under the EDA grants was as follows: / See Notes to the SEFA for table