Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (SEFA) includes the federalgrant activity of Pacific Asian Consortium in Employment (PACE), and is presented on theaccrual basis of accounting. The SEFA does not include expenditures of PACEs subsidiary,Pace Finance Corporation, as Pace Finance Corporation has a separate single audit. Theinformation 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). Therefore, some amountspresented in this schedule may differ from amounts presented in, or used in the preparation of,the consolidated financial statements. The accompanying SEFA is presented using the accrual basis of accounting, which is described in the notes to the consolidated financial statements of PACE as of and for the year ended June30, 2022.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. For pass-through funds, PACE is required to use an actual or provisional indirect cost rate as determined by the funder and the 10% de minimis indirect cost rate is notcontractually available for use.
PACE has received funds from the U.S. Small Business Administration as part of theMicroloan Program (Assistance Listing #59.046). The outstanding balance of the loans was$1,120,527 at June 30, 2022.