Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying Schedule of Expenditures of Federal and State Awards (the Schedule) includes the federal award activity of Southeast Community Capital Corporation and Subsidiaries d/b/a Pathway Lending (the Corporation) under programs of the federal and state government for the year ended December 31, 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) and the State of Tennessee Audit Manual. Because the Schedule presents only a selected portion of the Organization, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of the Corporation. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the costs principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as 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 203993. MICROLOAN PROGRAM (59.046) - Balances outstanding at the end of the audit period were 305556. MICROLOAN PROGRAM (59.046) - Balances outstanding at the end of the audit period were 386619. MICROLOAN PROGRAM (59.046) - Balances outstanding at the end of the audit period were 1000000.
Title: Subrecipients
Accounting Policies: The accompanying Schedule of Expenditures of Federal and State Awards (the Schedule) includes the federal award activity of Southeast Community Capital Corporation and Subsidiaries d/b/a Pathway Lending (the Corporation) under programs of the federal and state government for the year ended December 31, 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) and the State of Tennessee Audit Manual. Because the Schedule presents only a selected portion of the Organization, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of the Corporation. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the costs principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Corporation did not pass any federal funds to subrecipients.