Notes to SEFA
Title: Note 3: Loan/Loan guarantee outstanding balance
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Foundation and is presented on the accrual basis of accounting unless otherwise noted. The information in this schedule 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. 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: The auditee did not use the de minimis cost rate.
INTERMEDIARY RELENDING PROGRAM (10.767) - BALANCES OUTSTANDING AT THE END OF THE AUDIT PERIOD WERE 8428393. RURAL MICROENTREPRENEUR ASSISTANCE PROGRAM (10.870) - BALANCES OUTSTANDING AT THE END OF THE AUDIT PERIOD WERE 113903.
Title: Note 4: Economic Adjustment Assistance Program
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Foundation and is presented on the accrual basis of accounting unless otherwise noted. The information in this schedule 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. 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: The auditee did not use the de minimis cost rate.
The Economic Adjustment Assistance program is a revolving loan fund and is considered to be a loan
program. Federal expenditures reported above are based on the following formula, as specified by the Department of
Commerce and Economic Development Administration. Balance of RLF principal outstanding at year-end $ 947,979
Cash and investment balance in RLF at year-end 38,442
Administrative expenses paid out of RLF income during the year -
Administrative expenses paid using award funds designated for administrative expenses during the year -
Unpaid principal of all loans written off during the year -
986,421
Federal Share of RLF Grant Award 80%
Economic Adjustment Assistance Federal Expenditures $ 789,137
Title: Note 5:
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Foundation and is presented on the accrual basis of accounting unless otherwise noted. The information in this schedule 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. 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: The auditee did not use the de minimis cost rate.
There were no awards passed through to subrecipients.