Notes to SEFA
Title: BALANCE OF OUTSTANDING LOANS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity
of New River Community Action, Inc. under programs of the federal government for the year ended June 30,
2023. The information in this schedule is presented in accordance with requirements of the 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
New River Community Action, Inc., it is not intended to and does not present the financial position, changes in
net assets or cash flows of New River Community Action, Inc.
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. Pass-through entity identifying numbers are presented
where available.
De Minimis Rate Used: N
Rate Explanation: New River Community Action, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed
under the Uniform Guidance.
Loans outstanding at the beginning of the year, and loans made during the year, are included in the federal
expenditures presented in the Schedule. The balance of the loans outstanding at June 30, 2023 were $166,320
for Community Facilities Loans and Grants AL #10.766 and $105,204 for the U.S. Small Business Administration
Loan AL #59.008.