Notes to SEFA
Title: Loans Outstanding
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of B:Side Capital (the "Organization") 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 the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
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 limited as to reimbursement. Passthrough entity identifying numbers are presented where available and applicable.
De Minimis Rate Used: N
Rate Explanation: The Organization has not used the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Schedule includes loan balances as of the beginning of the period for loans which the Federal
government imposes continuing compliance plus the value of new loans made or received during
the year and any interest subsidy, cash, or administrative cost allowances received. The loan
balances for loans included on the Schedule is as follows as of December 31, 2023:
Program Name
Assistance Listing
Number
Outstanding
Balance
Intermediary Lending Pilot Program 59.062 $ 208,674
Intermediary Relending Program 10.767 367,942
Rural Microentrepreneur Assistance Program 10.870 49,670
$ 626,286
Title: Economic Adjustment Assistance
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of B:Side Capital (the "Organization") 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 the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
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 limited as to reimbursement. Passthrough entity identifying numbers are presented where available and applicable.
De Minimis Rate Used: N
Rate Explanation: The Organization has not used the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The amounts rep djustment Assistance program consists
of the following:
Balance of revolving loan fund principal outstanding on loans $ 1,040,578 Cash balance
in the revolving loan fund 216,668
Administrative expenses paid using revolving loan fund income 36,849
$ 1,294,095