Title: NOTE A - ACCOUNTING BASIS
Accounting Policies: The accounting policies of seCTer conform to accounting principles generally accepted in the United States of America as applicable to nonprofit organizations.
De Minimis Rate Used: Y
Rate Explanation: Southeastern Connecticut Enterprise Region Corporation has elected to use the 10% de Minimis indirect cost rate on the Economic Adjustment Assistance, Cares Act Revolving Loan Fund-administrative costs grant (01-79-73018) and the Economic Adjustment Assistance, American Rescue Plan Revolving Loan Fund -administrative costs grant (01-79-15238).
BASIC FINANCIAL STATEMENTS
The accounting policies of seCTer conform to accounting principles generally accepted in the United States of America as applicable to nonprofit organizations.
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
The accompanying schedule of expenditures of federal awards has been prepared on the accrual basis consistent with the preparation of the basic financial statements. Information included in the schedule of expenditures of federal awards is presented in accordance with the requirements Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
For cost reimbursement awards, revenues are recognized to the extent of expenditures. Expenditures have been recognized to the extent the related obligation was incurred within the applicable grant period and liquidated within 90 days after the end of the grant period.
For performance-based awards, revenues are recognized to the extent of performance achieved during the grant period.
Southeastern Connecticut Enterprise Region Corporation has elected to use the 10% de Minimis indirect cost rate on the Economic Adjustment Assistance, Cares Act Revolving Loan Fund-administrative costs grant (01-79-73018) and the Economic Adjustment Assistance, American Rescue Plan Revolving Loan Fund -administrative costs grant (01-79-15238).
Title: NOTE B - LOAN PROGRAMS
Accounting Policies: The accounting policies of seCTer conform to accounting principles generally accepted in the United States of America as applicable to nonprofit organizations.
De Minimis Rate Used: Y
Rate Explanation: Southeastern Connecticut Enterprise Region Corporation has elected to use the 10% de Minimis indirect cost rate on the Economic Adjustment Assistance, Cares Act Revolving Loan Fund-administrative costs grant (01-79-73018) and the Economic Adjustment Assistance, American Rescue Plan Revolving Loan Fund -administrative costs grant (01-79-15238).
The following is a summary of loan activity for the year ended June 30, 2023:
Grantor agency: Department of Commerce
Loan fund: Cares Act
CFDA number 11.307
Grant number: 01-79-73018
Issue date: July 2020
Interest rate: 0%
Original amount: $1,960,000
Loan
Principal Allowance
for collection
losses Net
carrying
amount
Balance July 1, 2022 $ 1,631,696 $ 81,585 $ 1,550,111
Loans made 100,000 - 100,000
Payments received ( 459,871) - ( 459,871)
Loan write-offs - - -
Increase in allowance
for loan losses - 5,986 ( 5,986)
Balance June 30, 2023 $ 1,271,825 $ 87,571 $ 1,184,254
Title: NOTE C - OTHER FEDERAL ASSISTANCE
Accounting Policies: The accounting policies of seCTer conform to accounting principles generally accepted in the United States of America as applicable to nonprofit organizations.
De Minimis Rate Used: Y
Rate Explanation: Southeastern Connecticut Enterprise Region Corporation has elected to use the 10% de Minimis indirect cost rate on the Economic Adjustment Assistance, Cares Act Revolving Loan Fund-administrative costs grant (01-79-73018) and the Economic Adjustment Assistance, American Rescue Plan Revolving Loan Fund -administrative costs grant (01-79-15238).
Southeastern Connecticut Enterprise Region Corporation did not receive any non-cash assistance, or other federal assistance in the form of loan guarantees or insurance.
Title: NOTE D - CALCULATION OF FEDERAL ASSISTANCE
Accounting Policies: The accounting policies of seCTer conform to accounting principles generally accepted in the United States of America as applicable to nonprofit organizations.
De Minimis Rate Used: Y
Rate Explanation: Southeastern Connecticut Enterprise Region Corporation has elected to use the 10% de Minimis indirect cost rate on the Economic Adjustment Assistance, Cares Act Revolving Loan Fund-administrative costs grant (01-79-73018) and the Economic Adjustment Assistance, American Rescue Plan Revolving Loan Fund -administrative costs grant (01-79-15238).
Regional Revolving Cares Loans
01-79-73018
As of June 30, 2023:
Carrying amount of loans $ 1,271,825
Cash and certificate of deposit 643,112
Administrative expenses for fiscal year 48,076
Federal Assistance for fiscal year $ 1,963,013