Notes to SEFA
Title: Loans Outstanding
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Community Enterprise Development Services (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 Part 200, Uniform Administrative Requirements, Cost Principles, 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.
Therefore, some amounts presented in thus schedule may differ from the amounts in or used in the preparation of basic financial statements.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Subpart E - Cost Principles of the Uniform Guidance, wherein certain types of expenditures are not allowed or are
limited as to reimbursement. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements or reports to
federal agencies or pass-through grantors.
De Minimis Rate Used: Y
Rate Explanation: Community Enterprise Development Services has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. Pass-through entity identifying numbers are presented where available and applicable.
The expenditures as reported on the Schedule under the Microloan Program represents the beginning of the year loan balance of $1,443,215. No loan advances were received during the year ending September 30, 2023. As of September 30, 2023, the Organization has outstanding loans payable of $1,257,228 to the U.S. Small Business Administration.