Notes to SEFA
Accounting Policies: General: The accompanying Schedule of Expenditures of Federal Awards presents all activity of all federal programs of the Community Loan Fund of the Capital Region, Inc. ("Community Loan Fund"). All federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included in the schedule. The information is presented in accordance with the requirements of the Uniform Guidance. Basis of Accounting: The accompanying Schedule of Federal Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in the notes of the Community Loan Fund's financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.