Title: BASIS OF PRESENTATION
Accounting Policies: EXPENDITURES REPORTED ON THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (THE SCHEDULE) ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN TITLE 2 U.S. COSE OF FEDERAL REGULATIONS PART 200, UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS (UNIFORM GUIDANCE), WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
THE SCHEDULE INCLUDES THE FEDERAL GRANT ACTIVITY OF WAY FINDERS, INC. (WAY FINDERS) UNDER PROGRAMS OF THE FEDERAL GOVERNMENT FOR THE YEAR ENDED JUNE 30, 2022. THE INFORMATION IN THE SCHEDULE IS PRESENTED IN ACCORDANCE WITH THE REQUIREMENTS OF THE UNIFORM GUIDANCE. BECAUSE THE SCHEDULE PRESENTS ONLY A SELECTED PORTION OF WAY FINDERS' OPERATIONS, IT IS NOT INTENDED TO AND DOES NOT PRESENT THE FINANCIAL POSITION, CHANGE IN NET ASSETS OR CASH FLOWS OF WAY FINDERS.
Title: LOAN AND GUARANTEE ASSISTANCE
Accounting Policies: EXPENDITURES REPORTED ON THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (THE SCHEDULE) ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN TITLE 2 U.S. COSE OF FEDERAL REGULATIONS PART 200, UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS (UNIFORM GUIDANCE), WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
COMMUNITY DEVELOPMENT BLOCK GRANT (CFDA #14.218) - THE COMMUNITY DEVELOPMENT BLOCK GRANT LON WHICH WAS RECEIVED IN A PRIOR FISCAL YEAR, IS INCLUDED ON THE SCHEDULE AT ITS OUTSTANDING BALANCE AS OF JULY 1, 2021 AS IT INCLUDES CONTINUING COMPLIANCE REQUIREMENTS. DURING 2022, NO ADDITIONAL PROCEEDS WERE RECEIVED OR PAYMENTS MADE. AT JUNE 30, 2022, THE LOAN BALANCE WAS $170,000. MICROLOAN PROGRAM (CFDA #59.046) FEDERAL AWARDS IN THE FORM OF LOANS FROM THE SMALL BUSINESS ADMINISTRATION (SBA) ARE INCLUDED ON THE SCHEDULE AT THEIR OUTSTANDING BALANCES AS OF JULY 1, 2021 PLUS ANY NEW PROCEEDS RECEIVED DURING FISCAL YEAR 2022 AS THEY INCLUDE CONTINUING COMPLIANCE REQUIREMENTS. THE ACTIVITY ON THESE LOANS FOR THE YEAR ENDED JUNE 30, 2022 IS AS FOLLOWS: LOAN #702-510-5007 SBA, BALANCE JULY 1, 2021 $147,383, PROCEEDS RECEIVED $0, PAYMENTS MADE $42,090, BALANCE JUNE 30, 2021 $105,293; LOAN #960-371-5003 SBA, BALANCE JULY 1, 2021 $425,237, PROCEEDS RECEIVED $0, PAYMENTS MADE $67,999, AND BALANCE JUNE 30, 2022 $357,238; LOAN #365-889-7003 SBA, BALANCE JULY 1, 2021 $531,532, PROCEEDS RECEIVED $0, PAYMENTS MADE $64,059, AND BALANCE JUNE 30, 2022 $467,473; AND LOAN #839-167-8202 SBA, BALANCE JULY 1, 2021 $350,000, PROCEEDS RECEIVED $400,000, PAYMENTS MADE $22,685, AND BALANCE JUNE 30, 2022 $727,315. 7(A) LOAN GUARANTEES (CFDA #59.012) THE SBA HAS GUARANTEED BETWEEN 75% AND 90% OF QUALIFYING OUTSTANDING BALANCES ON LOANS RECEIVABLE MADE BY COMMON CAPITAL, INC. THE FEDERAL AWARD EXPENDITURES REPORTED ON THE SCHEDULE IS EQUAL TO THE OUTSTANDING GUARANTEES AT JULY 1, 2021 PLUS ANY ADDITIONAL GUARANTEES MADE DURING THE YEAR ENDED JUNE 30, 2022. AT JUNE 30, 2021, THE GUARANTEES COVERED $655,773 OF $795,605 QUALIFYING LOANS. AT JUNE 30, 2022, THE GUARANTEES COVERED $1,269,877 OF $1,603,482 QUALIFYING LOANS. SBA PROVIDED AN ADDITIONAL $761,500 IN GUARANTEES FOR $984,000 IN NEW LOANS MADE DURING THE YEAR ENDED JUNE 30, 2022.
Title: ECONOMIC ADJUSTMENT ASSISTANCE (CFDA #11.307)
Accounting Policies: EXPENDITURES REPORTED ON THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (THE SCHEDULE) ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN TITLE 2 U.S. COSE OF FEDERAL REGULATIONS PART 200, UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS (UNIFORM GUIDANCE), WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
IN ACCORDANCE WITH THE U.S. OFFICE OF MANAGEMENT AND BUDGET (OMB) COMPLIANCE SUPPLEMENT FOR THIS PROGRAM, EXPENDITURES REPORTED ON THE SCHEDULE ARE CALCULATED AS FOLLOWS: AWARD #01-79-14260, REVOLVING LOAN FUND PRINCIPAL AT JUNE 30, 2022 $245,318, REVOLVING LOAN FUND CASH AND INVESTMENT BALANCES AT JUNE 30, 2022 $350,095, ADMINISTRATIVE EXPENSES PAID OUT OF THE REVOLVING LOAN FUND DURING FISCAL YEAR 2022 $13,372, TOTAL PROGRAM EXPENDITURES FOR THE YEAR ENDED JUNE 30, 2022 $608,785, FEDERAL SHARE OF THE REVOLVING LOAN FUND 80%, FEDERAL EXPENDITURES FOR THE YEAR ENDED JUNE 30, 2022 $487,028; AND AWARD #01-79-08851, REVOLVING LOAN FUND PRINCIPAL AT JUNE 30, 2022 $445,096, REVOLVING LOAN FUND CASH AND INVESTMENT BALANCES AT JUNE 30, 2022 $414,149, ADMINISTRATIVE EXPENSES PAID OUT OF THE REVOLVING LOAN FUND DURING FISCAL YEAR 2022 $13,372, TOTAL PROGRAM EXPENDITURES FOR THE YEAR ENDED JUNE 30, 2022 $878,657, FEDERAL SHARE OF THE REVOLVING LOAN FUND 50%, FEDERAL EXPENDITURES FOR THE YEAR ENDED JUNE 30, 2022 $439,329.