Notes to SEFA
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting as described in Note A to the financial statements. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10% de minimis cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting as described in Note A to the financial statements. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting as described in Note A to the financial statements. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10% de minimis cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of CLIMB Fund (the “Organization”) under programs of the federal government for the year ended September 30, 2023. 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, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: INDIRECT COST RATE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting as described in Note A to the financial statements. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10% de minimis cost rate allowed under the Uniform Guidance.
The Organization has elected to use the 10% de minimis cost rate allowed under the Uniform Guidance.
Title: LOAN PROGRAMS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting as described in Note A to the financial statements. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10% de minimis cost rate allowed under the Uniform Guidance.
The value of loans outstanding under federal awards as of September 30,2023 consists of: CFDA Number Program Name Balance Outstanding as of September 30, 2023 59.046 Microloan Program $ 2,629,635 10.767 Intermediary Relending Program 243,879