Title: ORGANIZATION AND SCOPE OF OPERATIONS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the
Organization under programs of the federal government for the year ended December 31, 2021. The information in the
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). As the
Schedule presents only a selected portion of the Organization’s operation, it is not intended to and does not present the
statement of financial position, operations and changes in net deficit, or cash flows of the Organization. Some amounts
presented in this Schedule may differ from amounts presented in or used in the preparation of the statement of financial
position and the related statements of activities and changes in net deficit, and cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: Organization was awareded a fixed sum so they did not have indirect costs.
On The Road Lending (“OTRL” or the “Organization”) was formed on March 4, 2013 as a Texas not-for-profit corporation. The Organization is a tax-exempt organization as described in Section 501(c)(3) of the Internal Revenue Code. Headquartered in Dallas, Texas, OTRL drives value among stakeholders in the automotive and automotive finance industries. The Organization’s mission is to drive a prosperity movement for working families, seeking to provide access to affordable capital on reliable vehicles as well as to use its workforce development apprenticeship program to power career potential in the automotive collision repair industry.
Title: Expenditures and Revenue Recognition
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the
Organization under programs of the federal government for the year ended December 31, 2021. The information in the
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). As the
Schedule presents only a selected portion of the Organization’s operation, it is not intended to and does not present the
statement of financial position, operations and changes in net deficit, or cash flows of the Organization. Some amounts
presented in this Schedule may differ from amounts presented in or used in the preparation of the statement of financial
position and the related statements of activities and changes in net deficit, and cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: Organization was awareded a fixed sum so they did not have indirect costs.
The Schedule presents expenditures of the Economic Adjustment Assistance - Title II, Section 209 program on an 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 and, accordingly, are not reflected as an expenditure on the Schedule. All program outlays, including accrued expenditures and capital outlays, are reported as expenditures. Related revenues (which are not presented herein) are recognized up to award amounts for program reporting. Award reporting periods do not necessarily coincide with the fiscal reporting period of the Organization. Negative amounts, if any, presented in the Schedule represent adjustments or credits made, in the normal course of business, to expenditures reported in prior years. The Organization did not have any federal loan programs during the year ended December 31, 2021.
Title: Indirect Costs
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the
Organization under programs of the federal government for the year ended December 31, 2021. The information in the
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). As the
Schedule presents only a selected portion of the Organization’s operation, it is not intended to and does not present the
statement of financial position, operations and changes in net deficit, or cash flows of the Organization. Some amounts
presented in this Schedule may differ from amounts presented in or used in the preparation of the statement of financial
position and the related statements of activities and changes in net deficit, and cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: Organization was awareded a fixed sum so they did not have indirect costs.
The Organization has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: CONTINGENCIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the
Organization under programs of the federal government for the year ended December 31, 2021. The information in the
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). As the
Schedule presents only a selected portion of the Organization’s operation, it is not intended to and does not present the
statement of financial position, operations and changes in net deficit, or cash flows of the Organization. Some amounts
presented in this Schedule may differ from amounts presented in or used in the preparation of the statement of financial
position and the related statements of activities and changes in net deficit, and cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: Organization was awareded a fixed sum so they did not have indirect costs.
Grants require the fulfillment of certain conditions set forth in grant agreements and are subject to periodic review and assessment by the grantors. Failure to satisfy the requirements of the grant agreements could result in disallowed costs and return of funds to grantors. Management believes the Organization is in substantial compliance with the grant provisions and requirements and that disallowed costs, if any, will not have a material effect on the amounts and disclosures in the financial statements.
Title: SUBSEQUENT EVENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the
Organization under programs of the federal government for the year ended December 31, 2021. The information in the
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). As the
Schedule presents only a selected portion of the Organization’s operation, it is not intended to and does not present the
statement of financial position, operations and changes in net deficit, or cash flows of the Organization. Some amounts
presented in this Schedule may differ from amounts presented in or used in the preparation of the statement of financial
position and the related statements of activities and changes in net deficit, and cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: Organization was awareded a fixed sum so they did not have indirect costs.
The schedule and related disclosures include evaluation of events through February 27, 2024, the date the schedule was
available to be issued. There were no such events that require adjustments or disclosure.