Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.Vermont Community Loan Fund has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. An approved indirect rate of 63.9% is used for U.S Small BusinessAdministration and USDA Rural Microentrepreneur Assistance Program technical assistance grants.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The accompanying schedule of expenditures of federal awards includes the federal award activity of Vermont
Community Loan Fund 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 Vermont Community Loan Fund it is not intended to and does not present the financial position, changes in net
assets, or cash flows of the Vermont Community Loan Fund.
Title: summary of significant accounting policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.Vermont Community Loan Fund has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. An approved indirect rate of 63.9% is used for U.S Small BusinessAdministration and USDA Rural Microentrepreneur Assistance Program technical assistance grants.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
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. Vermont Community Loan Fund has not elected to use the 10 percent de minimis indirect cost rate as
allowed under the Uniform Guidance. An approved indirect rate of 63.9% is used for U.S Small Business
Administration and USDA Rural Microentrepreneur Assistance Program technical assistance grants.
Title: U.S small business adinistration 7(a) Loan Guarantee
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.Vermont Community Loan Fund has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. An approved indirect rate of 63.9% is used for U.S Small BusinessAdministration and USDA Rural Microentrepreneur Assistance Program technical assistance grants.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The SBA 7(a) Loan Guarantee - Comumunity Advantage Pilot Program was sunset in 2023. On June 27, 2023
Vermont Community Loan Fund signed a Loan Guarantee Agreement to become a Small Business Lending Company.
Title: U.S department of commerce, economic development administration
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.Vermont Community Loan Fund has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. An approved indirect rate of 63.9% is used for U.S Small BusinessAdministration and USDA Rural Microentrepreneur Assistance Program technical assistance grants.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
At December 31, 2023, pursuant to grant 01-79-14982 ,Vermont Community Loan Funds, Inc. had loans issued with
principal outstanding balances of $756,678. During the year ended December 31, 2023, $5,852 in administrative expenses
were expendedt. The federal share of the revolving fund is 100%.
Title: US Small Business Administration Microlending Program (CFDA #59.046)
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.Vermont Community Loan Fund has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. An approved indirect rate of 63.9% is used for U.S Small BusinessAdministration and USDA Rural Microentrepreneur Assistance Program technical assistance grants.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
In July 2018, the Vermont Community Loan Fund received an award in the form of a loan from the US Small Business
Administration Microlending Program in the amount of $500,000. During 2018, a $200,000 draw was taken against this
award. The remaining draw of $300,000 was taken in 2019 with no remaining draws available at 12/31/23. The outstanding
principal as of December 31, 2023 was $260,092.
In January 2022, the Vermont Community Loan Fund received an award in the form of a loan from the US Small Business
Administration Microlending Program in the amount of $500,000. During 2022, two draws totaling $338,112 draw were taken
against this award. The remaining draw of $161,888 was taken in 2023 with no draws available at 12/31/23. The outstanding
principal as of December 31, 2023 was $465,563.
VCLF drew down grant funds from the Small Business Administration on two Technical Assistance grant awards in 2023.
$19,359 was drawn against award SBAOCAML220366 which was subsequently closed. $21,568 was taken against TA
award SBAOCAML230545. $62,997 in federal funds remain on this award.
Title: US Small Business Administration 7(a) Loan Guarantee Program (CFDA #59.012)
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.Vermont Community Loan Fund has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. An approved indirect rate of 63.9% is used for U.S Small BusinessAdministration and USDA Rural Microentrepreneur Assistance Program technical assistance grants.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The Vermont Community Loan Fund, Inc,participates in the US Small Business Administration 7(a) Loan Gurantee Program. The objective of the program is to provided guarantee loans to small businesses which are unable to obtain financing in the private credit marketplace, but can demonstrate and ability to
repay the loans if granted, in a timely manner. As of December 31, 2023, there were 4 active loans in the program with a total principal balance of $273,397 of which $214,124 was guaranteed.
Title: U.S. Department of Agriculture/Rural Microentrepreneur Assistance Program - Technical Assistance (CFDA #10.870)
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.Vermont Community Loan Fund has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. An approved indirect rate of 63.9% is used for U.S Small BusinessAdministration and USDA Rural Microentrepreneur Assistance Program technical assistance grants.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
In July 2016, the Vermont Community Loan Fund received an award in the form of a loan from the USDA-Rural Microentrepreneur Assistance program in the amount of $400,000. During 2016, 2017 and 2019, a total of $100,000, $200,000, and $100,000 were taken in draws, respectively. There are no draws remaining as of December 31, 2020. During 2018, $8,556 in outstanding interest was capitilized per the
Promissory Note. The outstanding principal as of December 31, 2023 was $301,861. In November 2023, VCLF received an award in the form of a $500,000 loan. No draws were taken in 2023 with $500,000 remaining to be drawn at December 31, 2023. VCLF drew down grant funds from the USDA-Rural Microentrepreneur Assisance Program on a Technical Assisance grant award in 2021. In 2020, an additional $11,621 in funding was added to this grant award. In 2022, an additional $1,693 in funding was added to the grant award. During the year, $28,183 was drawn against TA Award USDA RMAP 10.870.
$9,821 in federal funds remain on this award.