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Business and Industry Loans

Published on AidPage by IDILOGIC on Jun 24, 2005

Administered by:

US Federal Government Agency (see all agencies)
Department of Agriculture , Rural Business-Cooperative Service
CFDA #: 10.768

Post assistance requirements...

Reports

Each guaranteed lender will be required to monitor and report to RBS on actual performance during the construction of each project financed, in whole or in part, with RBS assistance. When the project is in operation, field visits will be made and customary financial statements provided as determined by the guaranteed lender and RBS.

Note: This section indicates whether program reports, expenditure reports, cash reports or performance monitoring are required by the Federal funding agency, and specifies at what time intervals (monthly, annually, etc.) this must be accomplished.

Audits

Independent accountant audited financial statements prepared in accordance with Generally Accepted Accounting Principles are required annually for direct loans with a total principal and interest balance of more than $1 million. Independent accountant compiled or reviewed financial statements prepared in accordance with Generally Accepted Accounting Principles are required annually for guaranteed loans and for direct loans with a principal and interest balance of less than $ 1 million. RBS may require audited statements for guaranteed loans in excess of $3 million.

Note: This section discusses audits required by the Federal agency. The procedures and requirements for State and local governments and nonprofit entities are set forth in OMB Circular No. A-133. These requirements pertain to awards made within the respective State's fiscal year - not the Federal fiscal year, as some State and local governments may use the calendar year or other variation of time span designated as the fiscal year period, rather than that commonly known as the Federal fiscal year (from October 1st through September 30th).

Records

Records and accounts must be maintained to reflect the operations of the project.

Note: This section indicates the record retention requirements and the type of records the Federal agency may require. Not included are the normally imposed requirements of the General Accounting Office. For programs falling under the purview of OMB Circular No. A-102, record retention is set forth in Attachment C. For other programs, record retention is governed by the funding agency's requirements.