Title: BASIS OF PRESENTATION
Accounting Policies: Expenses reported on the Schedule are reported on the modified accrual basis of accounting. Such expenses are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-87, Cost Principals for State, Local, and Indian Tribal Governments, wherein certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: CCFDC did not elect to charge indirect costs to its federal programs using the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the California Capital Financial Development Corporation (CCFDC) under programs of the federal government for the year ended June 30, 2022. 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 CCFDCs operations, it is not intended to be and does not present the financial position, changes in net position, or cash flows of CCFDC.
Title: PROGRAM COSTS/MATCHING CONTRIBUTIONS
Accounting Policies: Expenses reported on the Schedule are reported on the modified accrual basis of accounting. Such expenses are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-87, Cost Principals for State, Local, and Indian Tribal Governments, wherein certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: CCFDC did not elect to charge indirect costs to its federal programs using the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The amounts shown as current year expenses represent only the (federal/state/local) grant portion of the program costs. Entire program costs, including the CCFDCs portion, may be more than shown.
Title: NONCASH AWARDS
Accounting Policies: Expenses reported on the Schedule are reported on the modified accrual basis of accounting. Such expenses are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-87, Cost Principals for State, Local, and Indian Tribal Governments, wherein certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: CCFDC did not elect to charge indirect costs to its federal programs using the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
No noncash awards existed in the current year.
Title: LOAN PROGRAMS
Accounting Policies: Expenses reported on the Schedule are reported on the modified accrual basis of accounting. Such expenses are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-87, Cost Principals for State, Local, and Indian Tribal Governments, wherein certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: CCFDC did not elect to charge indirect costs to its federal programs using the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The outstanding balances of loan programs were as follows: Federal Program: Economic Adjustment Assistance - CARES Act, Federal AL Number: 11.307, Outstanding Loan Balance: $1,302,903. Federal Program: Economic Adjustment Assistance, Federal AL Number: 11.307, Outstanding Loan Balance: $713,216.
Title: SUBRECIPIENTS
Accounting Policies: Expenses reported on the Schedule are reported on the modified accrual basis of accounting. Such expenses are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-87, Cost Principals for State, Local, and Indian Tribal Governments, wherein certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: CCFDC did not elect to charge indirect costs to its federal programs using the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
There were no subrecipients of CCFDCs programs during the year ended June 30, 2022.