Notes to SEFA
Title: Basis of presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal assistance activity of ROC USA, LLC and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The auditee voluntarily chose not to allocate indirect costs to federal programs in order to have more funds available to lend.
The accompanying Schedule of Expenditures of Federal Awards includes the Federal assistance activity of ROC USA, LLC and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
Title: Indirect cost rate
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal assistance activity of ROC USA, LLC and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The auditee voluntarily chose not to allocate indirect costs to federal programs in order to have more funds available to lend.
ROC USA, LLC and Affiliates have elected not to use the 10% de minimis cost rate for its Federal prrograms.
Title: Revolving Loan Fund
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal assistance activity of ROC USA, LLC and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The auditee voluntarily chose not to allocate indirect costs to federal programs in order to have more funds available to lend.
The Capital Magnet Fund listed above is to be used as a Revolving Loan Fund and is shown on the Schedule of Expenditures of Federal Awards until the five-year investment compliance period is completed in February 2025. The amount presented in the above schedule consists of total proceeds of the grant deployed or committed for qualifying loans as of December 31, 2023, and amounts allowable as administrative fee expended in 2023. Grant funds advanced but not deployed or committed as of December 31, 2023, are reflected as conditional advances. See the Notes to the SEFA for table.