Notes to SEFA
Title: U.S. SMALL BUSINESS ADMINISTRATION 7(a) LOAN GUARANTEE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.Vermont Community Loan Fund has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. An approved indirect rate of 63.9% is used for U.S Small BusinessAdministration and USDA Rural Microentrepreneur Assistance Program technical assistance grants.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
For the year ended December 31, 2022, Vermont Community Loan Fund, Inc. was in compliancewith the loan loss reserve requirements of the 7 (a) Loan Guarantee - Community Advantage Pilot Program.
Title: U.S. DEPARTMENT OF COMMERCE, ECONOMIC DEVELOPMENT ADMINISTRATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.Vermont Community Loan Fund has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. An approved indirect rate of 63.9% is used for U.S Small BusinessAdministration and USDA Rural Microentrepreneur Assistance Program technical assistance grants.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
At December 31, 2022, pursuant to grant 01-79-14982 ,Vermont Community Loan Funds, Inc. had loans issued with principal outstanding balances of $917,282. During the year ended December 31, 2022, $49,934 in administrative expenses were expended as a part of the administrative expense portion of the grant. The federal share of the revolving fund is 100%.