Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awardactivity of CLIMB Fund (the Organization) under programs of the federal government for the year endedSeptember 30, 2022. The information in this Schedule is presented in accordance with the requirementsof Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedulepresents only a selected portion of the operations of the Organization, it is not intended to and does notpresent the financial position, changes in net assets, or cash flows of the Organization. Expenditures reported on the Schedule are reported on the accrual basis of accounting as described inNote A to the financial statements. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limitedas to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MICROLOAN PROGRAM (59.046) - Balances outstanding at the end of the audit period were 1891656. RURAL BUSINESS ENTERPRISE GRANTS (10.769) - Balances outstanding at the end of the audit period were 336693.