Notes to SEFA
Title: Basis of Presentation
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: Craft3 and Subsidiaries has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Craft3 and Subsidiaries (Craft3) under programs of the federal government for the year ended December 31, 2023. The information in the 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Craft3 and Subsidiaries, it is not intended to and does not present the financial position, functional expenses, changes in net assets, or cash flows of Craft3 and Subsidiaries.
Title: Summary of Significant Accounting Policies
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: Craft3 and Subsidiaries has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
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.
Title: Indirect Cost Rate
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: Craft3 and Subsidiaries has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Craft3 and Subsidiaries has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Loan Programs
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: Craft3 and Subsidiaries has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal loans outstanding with continuing compliance requirements are considered as expenditures on the Schedule as of the ending notes payable balance from the prior year plus any new loans in the current year. These outstanding note payable balances as of December 31, 2023, consist of:
10.767 Intermidiary Relending Program $4,246,935
10.766 Community Facilities Loan and Grants $4,351,689
59.062 Intermidiary Loan Program $476,548