Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: GRADD has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of GRADD under programs of the federal government for the fiscal year ended June 30, 2023. The information on this Schedule is prepared in accordance with the requirement 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 selected portions of operations of GRADD, it is not intended to and does not present the basic financial statements of GRADD.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: GRADD has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: GRADD has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
GRADD did not use the 10% de minimis cost rate allowed by the Uniform Guidance.
Title: Reconciliation of Federal Revnue
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: GRADD has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
Federal revenue per the Combining Schedule of Operations
by Program and Supporting Services $ 5,247,329
Federal Revenue per Proprietary Funds 3,207,219
Intermediary Relending Program 139,315
Total per Schedule of Expenditures
of Federal Awards $ 8,593,863 *
Title: Revolving Loan Federal Expenditures Calculation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: GRADD has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
The following amounts were used to calculate the federal expenditures for
the Economic Adjustment Assistance Loan Program:
04-79-07524
Balance of RLF CARES loans outstanding at year end $ 2,657,226
Cash and investment balance at year end 536,747
Administrative expenses paid out of RLF CARES income during y 13,246
Unpaid principal of loans written off during the year -
Total $ 3,207,219