Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Ascendus elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Ascendus is only responsible for the performance of certain administrative duties with respect to Small Business Administration (SBA) loans disbursed, and not responsible for any ongoing compliance requirements. Therefore, the transactions and the balance of loans outstanding reported on the Schedule are only the amounts loaned during the year ended December 31, 2022. The principal balance outstanding on the Microloan Program (Assistance Listing #59.046) as of December 31, 2022 was $989,946. The principal balance outstanding on 7(a) Loan Guarantee Program (CFDA #59.012) as of December 31, 2022 was $3,289,363.