Title: Loan Balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Sabre Finance, Inc. (the Organization) under programs of the federal government for the year ended June 30, 2023. 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, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in the financial statements. 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. Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Organization recognizes grants to the extent that eligible grant costs are incurred.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Loans outstanding at the beginning of the year plus any new loans received during the fiscal year are reported as federal expenses in the Schedule. The balance of loans outstanding at June 30, 2023 were as follows: MICROLOAN PROGRAM (59.046) 921416500 - Balances outstanding at the end of the audit period were 64809. MICROLOAN PROGRAM (59.046) 1596957002 - Balances outstanding at the end of the audit period were 78652. MICROLOAN PROGRAM (59.046) 2564147006 - Balances outstanding at the end of the audit period were 347821. MICROLOAN PROGRAM (59.046) 3879207010 - Balances outstanding at the end of the audit period were 426636. MICROLOAN PROGRAM (59.046) 4337067005 - Balances outstanding at the end of the audit period were 2158565.
Title: Contingencies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Sabre Finance, Inc. (the Organization) under programs of the federal government for the year ended June 30, 2023. 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, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in the financial statements. 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. Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Organization recognizes grants to the extent that eligible grant costs are incurred.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Grant monies received and disbursed by the Organization are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests forreimbursement due to disallowed expenditures. Based upon experience, the Organization does not believe that such disallowance, if any, would have a material effect on the financial position of the Organization.
Title: Noncash Assistance
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Sabre Finance, Inc. (the Organization) under programs of the federal government for the year ended June 30, 2023. 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, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in the financial statements. 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. Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Organization recognizes grants to the extent that eligible grant costs are incurred.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Organization did not receive any federal noncash assistance for the year ending June 30, 2023.
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Sabre Finance, Inc. (the Organization) under programs of the federal government for the year ended June 30, 2023. 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, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in the financial statements. 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. Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Organization recognizes grants to the extent that eligible grant costs are incurred.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Organization did not provide federal funds to subrecipients for the year ending June 30, 2023.
Title: Microloan Program
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Sabre Finance, Inc. (the Organization) under programs of the federal government for the year ended June 30, 2023. 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, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in the financial statements. 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. Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Organization recognizes grants to the extent that eligible grant costs are incurred.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Microloan Program represents a program under which the Organization periodicallyapplies for and receives loan proceeds from the Small Business Administration ("SBA")(revolving loan pools) that are used to make microloans to eligible micro-borrowers. These microloans are made in accordance with guidance set forth by the SBA under its Standard Operating Procedures ("SOP") and requires the Organization to meet continuing compliance and reporting requirements. In addition, the Organization applies for and receives approval for grant funding to be paid on a reimbursement basis for specific technical assistance-related expenses incurred by the Organization with respect to the Microloan Program.