Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Note 1 - Basis of Presentation - The accompanying schedule of expenditures of federal awards includes the federal award activity of Lowell Community Loan Fund, Inc. dba Mill Cities Community Investments, under programs of the federal government for the year ended December 31, 2022. 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 Lowell Community Loan Fund, Inc. dba Mill Cities Community Investments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Lowell Community Loan Fund, Inc. dba Mill Cities Community Investments.Note 2 - Summary of Significant Accounting Policies - Expenditures reported on 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.
De Minimis Rate Used: N
Rate Explanation: Lowell Community Loan Fund, Inc. dba Mill Cities Community Investments has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS PROGRAM (21.020) - Balances outstanding at the end of the audit period were $253,678. COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS RAPID RESPONSE PROGRAM (CDFI RRP) (21.024) - Balances outstanding at the end of the audit period were $471,598.