Notes to SEFA
Title: Loan Outstanding
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal assistance activity of the Organization and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Community Development Financial Institutions (CDFI) Program includes loans outstanding with a balance totaling $1,795,000 as of December 31, 2022.
Title: Revolving Loan Fund
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal assistance activity of the Organization and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Capital Magnet Fund listed above is to be used as a revolving loan fund and is shown on the Schedule of Expenditures of Federal Awards until the five-year investment compliance period is completed for each award received. The amount presented represents proceeds of the grant deployed or committed for qualifying loans as of December 31, 2022, and amounts allowable as administrative fee. The Capital Magnet Fund Award Deployed or Committed is $6,412,500, with an Administrative Fee of $337,500, for a total award of $6,750,000. See the Notes to the SEFA for table.