Notes to SEFA
Title: Loan Balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Northeast Nebraska Economic Development District and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Northeast Nebraska Economic Development District did not elect to use the 10% de minimis indirect cost rate allowed when computing the amounts in the schedule of expenditures of federal awards.
Outstanding loan balances under the COVID-19 Economic Adjustment Assistance Program totaled $1,540,904 at June 30, 2023.
Title: Economic Adjustment Assistance Program Revolving Loan Fund
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Northeast Nebraska Economic Development District and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Northeast Nebraska Economic Development District did not elect to use the 10% de minimis indirect cost rate allowed when computing the amounts in the schedule of expenditures of federal awards.
The calculation for the COVID-19 Economic Adjustment Assistance Program Revolving Loan Fund for the year ending June 30, 2023 is as follows: Date 6/30/2023 Principal Outstanding Loans $ 1,540,904 Cash and Investment Balance 703,450 Administrative Expenses 23,420 Total 2,267,774 Federal Grant Rate 100% Economic Adjustment Assistance $ 2,267,774