Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the Federal grant activity of TruFund Financial Services, Inc. and Subsidiaries (TruFund) and is presented on the accrual basis. 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). Therefore, federal awards expended under loan programs are calculated by taking the value of new loans made during 2022; plus beginning outstanding balance of loans for which the federal government imposes continuing compliance requirements; plus interest subsidy, cash, or administrative cost allowance. Accordingly, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of TruFunds 2022 consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: TruFund has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. Indirect costs are allocated to individual grants within the Schedule in accordance with contractual provisions of each grant.
ECONOMIC ADJUSTMENT ASSISTANCE (11.307) - Balances outstanding at the end of the audit period were 1083629. ECONOMIC ADJUSTMENT ASSISTANCE (11.307) - Balances outstanding at the end of the audit period were 2905003. ECONOMIC ADJUSTMENT ASSISTANCE (11.307) - Balances outstanding at the end of the audit period were 390552. ECONOMIC ADJUSTMENT ASSISTANCE (11.307) - Balances outstanding at the end of the audit period were 40000. COMMUNITY DEVELOPMENT BLOCK GRANTS/STATE'S PROGRAM AND NON-ENTITLEMENT GRANTS IN HAWAII (14.228) - Balances outstanding at the end of the audit period were 1956886. COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS PROGRAM (21.020) - Balances outstanding at the end of the audit period were 112155. COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS PROGRAM (21.020) - Balances outstanding at the end of the audit period were 374752. COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS PROGRAM (21.020) - Balances outstanding at the end of the audit period were 1687645.
Title: Program Income
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the Federal grant activity of TruFund Financial Services, Inc. and Subsidiaries (TruFund) and is presented on the accrual basis. 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). Therefore, federal awards expended under loan programs are calculated by taking the value of new loans made during 2022; plus beginning outstanding balance of loans for which the federal government imposes continuing compliance requirements; plus interest subsidy, cash, or administrative cost allowance. Accordingly, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of TruFunds 2022 consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: TruFund has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. Indirect costs are allocated to individual grants within the Schedule in accordance with contractual provisions of each grant.
TruFund reports program income when received in the accompanying schedule of expenditures of federal awards. The following programs reported program income: Economic Adjustment Assistance - EDA RLF Dallas (11.307) $70,002, Economic Adjustment Assistance - EDA RLF New York (11.307) $143,476, Economic Adjustment Assistance - EDA RLF Baton Rouge (11.307) $9,489, Community Development Financial Institution - National (21.020) $12,253, Community Development Financial Institution - New York and Texas (21.020) $25,865, Community Development Financial Institution - Rapid Response National (21.020) $97,139.