Notes to SEFA
Title: Note 1. Basis of Presentation
Accounting Policies: Expenditures reported in the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Advancement Regional Business Lenders, Inc., has elected not to use the 10-percent de minimis indirect rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Advancement Regional Business Lenders, Inc., under programs of the federal government for the year ended September 30, 2023. The information in this Schedule is presented in accordance with the requirements 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 a selected portion of the operations of Advancement Regional Business Lender, Inc., it is not
intended to and does not present the financial position, changes in net assets or cash flows of Advancement
Regional business Lenders, Inc.
Title: Note 2. Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported in the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Advancement Regional Business Lenders, Inc., has elected not to use the 10-percent de minimis indirect rate as allowed under the Uniform Guidance.
Expenditures reported in the Schedule are reported on the cash basis of accounting. Such expenditures are
recognized following the cost principles contained in the Uniform guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
Title: Note 3. Indirect Cost Rates
Accounting Policies: Expenditures reported in the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Advancement Regional Business Lenders, Inc., has elected not to use the 10-percent de minimis indirect rate as allowed under the Uniform Guidance.
Advancement Regional Business Lenders, Inc., has elected not to use the 10-percent de minimis indirect rate
as allowed under the Uniform Guidance.
Title: Note 4. Loans Outstanding
Accounting Policies: Expenditures reported in the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Advancement Regional Business Lenders, Inc., has elected not to use the 10-percent de minimis indirect rate as allowed under the Uniform Guidance.
Advancement Regional Business Lenders, Inc. had the following loan balances outstanding at September 30,
2023 for loans that the grantor/pass-through grantor has still imposed continuing compliance requirements.
No new loans were made during the year. The balance of loans outstanding at September 30, 2023 consist of: