Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are presented on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in OMBs Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Under federal cost principles, certain types of expenditures are not allowable or are limited as to reimbursement
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
BOC Capital Corp. carry revolving loans from Small Business Administration. Loan balances outstanding at the beginning of the fiscal year plus any new loans received during the fiscal year are reported as federal expenditures in the Schedule. There were no new loans received during the year. The balance of the loans outstanding at June 30, 2022 consists of:Assistance listing number Program name Loan number Loan balance outstanding at 6/30/2259.046 Microloan Program 9753505005 $829,56759.046 Microloan Program 3916307005 1,032,40559.046 Microloan Program 6454705002 101,157$1,963,129
Title: Revolving Loan Fund Expenditures
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are presented on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in OMBs Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Under federal cost principles, certain types of expenditures are not allowable or are limited as to reimbursement
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
In accordance with program guidance under federal assistance listing number 11.307 Economic Adjustment Assistance for Revolving Loan Fund (RLF), the expenditures for the year ended June 30, 2022 have been calculated as follows: Balance of RLF loans outstanding at year ended June 30, 2022, plus $ 353,111Cash balance in RLF at year ended June 30, 2022, plus 526,256Administrative expenses paid out of RLF income during year ended June 30, 2022, plus13,477Administrative expenses paid using award funds designated for administrative expenses during the year ended June 30, 2022, plus 204,735The unpaid principal of all loans written off during the year ended June 30, 2022-Total 1,097,579Federal share of the RLF award 100%Total RLF federal expenditures $1,097,579