Title: Business Development Centre, Inc. – Revolving Loan Fund
Accounting Policies: The accompanying schedule of federal awards is prepared on the modified accrual basis of accounting.
De Minimis Rate Used: Both
Rate Explanation: The City has elected to use the de minimis 10% cost rate for certain grants.
The Centre administers the Economic Development Administration Special Economic Adjustment Assistance Revolving Loan
Fund Program CFDA 11.307 (01-49-03245) on behalf of the City of Lynchburg. Loans under this program are subject to
various restrictions as determined by the Economic Development Administration.
The Centre received the funds indicated as follows through the fiscal year ended June 30, 1998. No funds have been received
since that date.
Federal State Local
Amount received through June 30, 1993 $ 45,000 $ - $ 24,000
Amount received through June 30, 1994 127,836 - 33,612
Amount received through June 30, 1995 44,027 - 14,676
Amount received through June 30, 1996 108,201 - 36,067
Bad debt charge off for the year ended
June 30, 1996 (3,005) - (1,002)
Amount received through June 30, 1997 10,268 - 3,423
Recapitalized from earnings for the year
ended June 30, 1997 3,005 - 1,002
Amount received through June 30, 1998 159,668 40,000 13,222
$ 495,000 $ 40,000 $ 125,000
Title: Non-monetary Assistance
Accounting Policies: The accompanying schedule of federal awards is prepared on the modified accrual basis of accounting.
De Minimis Rate Used: Both
Rate Explanation: The City has elected to use the de minimis 10% cost rate for certain grants.
Non-monetary assistance is reported in the Schedule of Federal Awards at the fair market value of the food commodities.
Title: Subgrantees
Accounting Policies: The accompanying schedule of federal awards is prepared on the modified accrual basis of accounting.
De Minimis Rate Used: Both
Rate Explanation: The City has elected to use the de minimis 10% cost rate for certain grants.
The federal expenditures for the Community Development Block Grant, the Home Investment Trust, and the Workforce
Investment Act Cluster programs include grants to subrecipients as follows:
Subrecipient Community
Development
Block Grant
HOME
Investment
Partnerships
Program
Workforce
Investment Act
Cluster
Coronavirus Relief Supplement $ 57,280 $ - $ -
Habitat for Humanity - 394,394 -
Lynchburg Community Action Group - - -
Lynchburg Redevelopment & Housing Authority 112,426 - -
Region 2000 Local Government Council - - 1,477,107
Miriam’s House 65,378 - -
Blue Ridge Mountains Council Boy Scouts 4,506 - -
Rush Homes - 761,368 -
$ 239,590 $ 1,155,762 $ 1,477,107
Title: Program Income
Accounting Policies: The accompanying schedule of federal awards is prepared on the modified accrual basis of accounting.
De Minimis Rate Used: Both
Rate Explanation: The City has elected to use the de minimis 10% cost rate for certain grants.
The City received $36,660 in program income during FY2023 for the Community Development Block grant.
Title: Virginia Revolving Loan Fund (CFDA 66.458)
Accounting Policies: The accompanying schedule of federal awards is prepared on the modified accrual basis of accounting.
De Minimis Rate Used: Both
Rate Explanation: The City has elected to use the de minimis 10% cost rate for certain grants.
As of June 30, 2023, the City had an outstanding balance through the Virginia Revolving Loan Fund in the amount of
$28,000,000 which includes federal funded loans. Expenditures associated with federally funded loans in FY 2023 totaled
$944,677.