Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant
activity of Utah Small Business Loan Fund under programs of the federal government for the year ended
December 31, 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 Utah Small Business Loan Fund, it is not intended to
and does not present the financial position, changes in net assets, or cash flows of Utah Small Business
Loan Fund. Federal awards expended in the U.S. Department of Commerce EDA Economic Adjustment Assistance –
Defense Conversion Revolving Loan Fund (RLF) were determined based on Agency Program
Requirements for Assistance Listing Number 11.307 from the OMB Compliance Supplement (the
Supplement). The Supplement defines federal awards expended as the sum of the following: 1) balance
of RLF loans outstanding, plus; 2) cash and investment balances, plus; 3) administrative expenses paid
out of RLF funds during the fiscal year, plus; 4) the unpaid principal of all loans written off during the
fiscal year; then 5) multiply this sum by the federal share of the RLF, which is 100%.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant
activity of Utah Small Business Loan Fund under programs of the federal government for the year ended
December 31, 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 Utah Small Business Loan Fund, it is not intended to
and does not present the financial position, changes in net assets, or cash flows of Utah Small Business
Loan Fund.
Title: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant
activity of Utah Small Business Loan Fund under programs of the federal government for the year ended
December 31, 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 Utah Small Business Loan Fund, it is not intended to
and does not present the financial position, changes in net assets, or cash flows of Utah Small Business
Loan Fund. Federal awards expended in the U.S. Department of Commerce EDA Economic Adjustment Assistance –
Defense Conversion Revolving Loan Fund (RLF) were determined based on Agency Program
Requirements for Assistance Listing Number 11.307 from the OMB Compliance Supplement (the
Supplement). The Supplement defines federal awards expended as the sum of the following: 1) balance
of RLF loans outstanding, plus; 2) cash and investment balances, plus; 3) administrative expenses paid
out of RLF funds during the fiscal year, plus; 4) the unpaid principal of all loans written off during the
fiscal year; then 5) multiply this sum by the federal share of the RLF, which is 100%.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal awards expended in the U.S. Department of Commerce EDA Economic Adjustment Assistance –
Defense Conversion Revolving Loan Fund (RLF) were determined based on Agency Program
Requirements for Assistance Listing Number 11.307 from the OMB Compliance Supplement (the
Supplement). The Supplement defines federal awards expended as the sum of the following: 1) balance
of RLF loans outstanding, plus; 2) cash and investment balances, plus; 3) administrative expenses paid
out of RLF funds during the fiscal year, plus; 4) the unpaid principal of all loans written off during the
fiscal year; then 5) multiply this sum by the federal share of the RLF, which is 100%.
Title: NOTE 3 – SUBRECIPIENTS OF FEDERAL AWARDS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant
activity of Utah Small Business Loan Fund under programs of the federal government for the year ended
December 31, 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 Utah Small Business Loan Fund, it is not intended to
and does not present the financial position, changes in net assets, or cash flows of Utah Small Business
Loan Fund. Federal awards expended in the U.S. Department of Commerce EDA Economic Adjustment Assistance –
Defense Conversion Revolving Loan Fund (RLF) were determined based on Agency Program
Requirements for Assistance Listing Number 11.307 from the OMB Compliance Supplement (the
Supplement). The Supplement defines federal awards expended as the sum of the following: 1) balance
of RLF loans outstanding, plus; 2) cash and investment balances, plus; 3) administrative expenses paid
out of RLF funds during the fiscal year, plus; 4) the unpaid principal of all loans written off during the
fiscal year; then 5) multiply this sum by the federal share of the RLF, which is 100%.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Utah Small Business Loan Fund did not provide federal award funding to subrecipients during the year
ended December 31, 2023.
Title: NOTE 4 – INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant
activity of Utah Small Business Loan Fund under programs of the federal government for the year ended
December 31, 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 Utah Small Business Loan Fund, it is not intended to
and does not present the financial position, changes in net assets, or cash flows of Utah Small Business
Loan Fund. Federal awards expended in the U.S. Department of Commerce EDA Economic Adjustment Assistance –
Defense Conversion Revolving Loan Fund (RLF) were determined based on Agency Program
Requirements for Assistance Listing Number 11.307 from the OMB Compliance Supplement (the
Supplement). The Supplement defines federal awards expended as the sum of the following: 1) balance
of RLF loans outstanding, plus; 2) cash and investment balances, plus; 3) administrative expenses paid
out of RLF funds during the fiscal year, plus; 4) the unpaid principal of all loans written off during the
fiscal year; then 5) multiply this sum by the federal share of the RLF, which is 100%.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Utah Small Business Loan Fund has not elected to use the 10-percent de minimus indirect cost rate
allowed under the Uniform Guidance.