Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity ofRegional Business Assistance Corporation (Organization) and is presented on the accrual basis ofaccounting. The information in this schedule is presented in accordance with the requirements of Title 2U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (Uniform Guidance).The amounts presented in this schedule differ from amounts presented in, or used in the preparation of,the basic financial statements. For Community Advantage 7(a) Pilot Program and 504 Loan Programloans, the amounts reflected as federal expenditures represent loan receivable balances outstanding asof October 01, 2021 and loans funded during the fiscal year. The Organization also has loans from theU.S. Small Business Administration (SBA) for the purpose of relending as Microloans to eligiblebusiness, as well as a grant for training and technical assistance for Microloan borrowers. For the SBAMicroloan Program, the amounts reflected as federal expenditures represent loan balances payable tothe SBA as of October 01, 2021, loans received during the fiscal year, and grant expenditures incurredduring the fiscal year. In the accompanying financial statements, the Organization reports CommunityAdvantage 7(a) Pilot Program and Microloan receivable balances outstanding, net of an allowance forloan losses, as of September 30, 2022. The financial statements do not include outstanding balances ofthe Organizations 504 loan portfolio, as the Organization only brokers and services these loans, and isnot the lender.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MICROLOAN PROGRAM (59.046) - Balances outstanding at the end of the audit period were 1435559. 504 CERTIFIED DEVELOPMENT LOANS (59.041) - Balances outstanding at the end of the audit period were 460109134. 7(A) LOAN GUARANTEES (59.012) - Balances outstanding at the end of the audit period were 3640187.
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity ofRegional Business Assistance Corporation (Organization) and is presented on the accrual basis ofaccounting. The information in this schedule is presented in accordance with the requirements of Title 2U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (Uniform Guidance).The amounts presented in this schedule differ from amounts presented in, or used in the preparation of,the basic financial statements. For Community Advantage 7(a) Pilot Program and 504 Loan Programloans, the amounts reflected as federal expenditures represent loan receivable balances outstanding asof October 01, 2021 and loans funded during the fiscal year. The Organization also has loans from theU.S. Small Business Administration (SBA) for the purpose of relending as Microloans to eligiblebusiness, as well as a grant for training and technical assistance for Microloan borrowers. For the SBAMicroloan Program, the amounts reflected as federal expenditures represent loan balances payable tothe SBA as of October 01, 2021, loans received during the fiscal year, and grant expenditures incurredduring the fiscal year. In the accompanying financial statements, the Organization reports CommunityAdvantage 7(a) Pilot Program and Microloan receivable balances outstanding, net of an allowance forloan losses, as of September 30, 2022. The financial statements do not include outstanding balances ofthe Organizations 504 loan portfolio, as the Organization only brokers and services these loans, and isnot the lender.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Organization did not pass through any federal awards to subrecipients during the year endedSeptember 30, 2022.
Title: FEDERAL EXPENDITURES SBA MICROLOAN PROGRAM:
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity ofRegional Business Assistance Corporation (Organization) and is presented on the accrual basis ofaccounting. The information in this schedule is presented in accordance with the requirements of Title 2U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (Uniform Guidance).The amounts presented in this schedule differ from amounts presented in, or used in the preparation of,the basic financial statements. For Community Advantage 7(a) Pilot Program and 504 Loan Programloans, the amounts reflected as federal expenditures represent loan receivable balances outstanding asof October 01, 2021 and loans funded during the fiscal year. The Organization also has loans from theU.S. Small Business Administration (SBA) for the purpose of relending as Microloans to eligiblebusiness, as well as a grant for training and technical assistance for Microloan borrowers. For the SBAMicroloan Program, the amounts reflected as federal expenditures represent loan balances payable tothe SBA as of October 01, 2021, loans received during the fiscal year, and grant expenditures incurredduring the fiscal year. In the accompanying financial statements, the Organization reports CommunityAdvantage 7(a) Pilot Program and Microloan receivable balances outstanding, net of an allowance forloan losses, as of September 30, 2022. The financial statements do not include outstanding balances ofthe Organizations 504 loan portfolio, as the Organization only brokers and services these loans, and isnot the lender.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Organization has received loans from the SBA under the SBA Microloan Program. Federal expenditures reported for the SBA Microloan Program include the outstanding balance of SBA Microloans advanced to the Organization as of October 1, 2021, loans advanced to the Organization during the year, and expenditures of federal grants received under the program.
Title: FEDERAL EXPENDITURES SBA 504 LOANS:
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity ofRegional Business Assistance Corporation (Organization) and is presented on the accrual basis ofaccounting. The information in this schedule is presented in accordance with the requirements of Title 2U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (Uniform Guidance).The amounts presented in this schedule differ from amounts presented in, or used in the preparation of,the basic financial statements. For Community Advantage 7(a) Pilot Program and 504 Loan Programloans, the amounts reflected as federal expenditures represent loan receivable balances outstanding asof October 01, 2021 and loans funded during the fiscal year. The Organization also has loans from theU.S. Small Business Administration (SBA) for the purpose of relending as Microloans to eligiblebusiness, as well as a grant for training and technical assistance for Microloan borrowers. For the SBAMicroloan Program, the amounts reflected as federal expenditures represent loan balances payable tothe SBA as of October 01, 2021, loans received during the fiscal year, and grant expenditures incurredduring the fiscal year. In the accompanying financial statements, the Organization reports CommunityAdvantage 7(a) Pilot Program and Microloan receivable balances outstanding, net of an allowance forloan losses, as of September 30, 2022. The financial statements do not include outstanding balances ofthe Organizations 504 loan portfolio, as the Organization only brokers and services these loans, and isnot the lender.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal expenditures reported for the SBA Certified Development Company Loan (504 Loans) Program include loans advanced to borrowers during the year, as well as the outstanding balance as of October 1, 2021, of all loans issued in prior years that the Organization continues to service. These loans are only brokered and serviced by the Organization, but the Organization is not the lender, and these loans are not reflected in the Organizations financial statements.
Title: FEDERAL EXPENDITURES SBA COMMUNITY ADVANTAGE 7(a) PILOT PROGRAM:
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity ofRegional Business Assistance Corporation (Organization) and is presented on the accrual basis ofaccounting. The information in this schedule is presented in accordance with the requirements of Title 2U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (Uniform Guidance).The amounts presented in this schedule differ from amounts presented in, or used in the preparation of,the basic financial statements. For Community Advantage 7(a) Pilot Program and 504 Loan Programloans, the amounts reflected as federal expenditures represent loan receivable balances outstanding asof October 01, 2021 and loans funded during the fiscal year. The Organization also has loans from theU.S. Small Business Administration (SBA) for the purpose of relending as Microloans to eligiblebusiness, as well as a grant for training and technical assistance for Microloan borrowers. For the SBAMicroloan Program, the amounts reflected as federal expenditures represent loan balances payable tothe SBA as of October 01, 2021, loans received during the fiscal year, and grant expenditures incurredduring the fiscal year. In the accompanying financial statements, the Organization reports CommunityAdvantage 7(a) Pilot Program and Microloan receivable balances outstanding, net of an allowance forloan losses, as of September 30, 2022. The financial statements do not include outstanding balances ofthe Organizations 504 loan portfolio, as the Organization only brokers and services these loans, and isnot the lender.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal expenditures reported for the SBA Community Advantage 7(a) Pilot Program include loans advanced to borrowers during the year, as well as the outstanding balance as of October 1, 2021, of all loans issued in prior years that the Organization continues to service.