Audit 292964

Title: Note 1 Accounting Policies: Accrual basis accounting De Minimis Rate Used: N Rate Explanation: Common costs are allocated to the programs benefitted This schedule of expenditures of federal awards includes the federal activity of the Tallahassee Lenders' Consortium, Inc. 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 Part 200, Uniform Administrative Requirements of Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because this schedule presents only a selected portion of the operations of the Consortium, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Consortium.

Title: Note 2 Accounting Policies: Accrual basis accounting De Minimis Rate Used: N Rate Explanation: Common costs are allocated to the programs benefitted Expenditures included on this schedule include only the expenditures of federal awards received directly from an awarding agency. The amounts on the statements of activities and changes in net assets include additional expenditures associated with in-kind contributions and other resources committed by the Consortium for purposes of fulfilling the federal grant programs. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement. To the extent common costs are allocated to federal programs benefitted, the Consortium has not elected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.