Title: Loan Outstanding
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal assistance activity of the Corporation 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. BlueHub Capital, Inc and Affiliates' consolidated financial statements include the operations of certain limited partnerships and limited liability corporations, the Federal programs of which are not included in the accompanying Schedule of Expenditures of Federal Awards for the year ended December 31, 2023, since for-profit companies are not subject to the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10% de minimis cost rate for its Federal programs.
Community Development Financial Institutions Bond Guarantee Program includes the highest outstanding loan balance guaranteed of $61,787,370 during 2023. The balance at December 31, 2023, was $51,411,098.
Title: Value of Federal Awards Expended
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal assistance activity of the Corporation 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. BlueHub Capital, Inc and Affiliates' consolidated financial statements include the operations of certain limited partnerships and limited liability corporations, the Federal programs of which are not included in the accompanying Schedule of Expenditures of Federal Awards for the year ended December 31, 2023, since for-profit companies are not subject to the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10% de minimis cost rate for its Federal programs.
The value of Federal awards expended under the Credit Enhancement for Charter School Facilities program is the total of a) amount in the credit enhancement reserves, debt service reserves, and grant reserve funds at the beginning of the year ($8,058,623), plus b) new grants ($12,000,000) plus c) any earnings on the reserve accounts ($353,534), minus d) expenses incurred related to the program ($0), and e) payment to a lender of credit enhancement reserve funds that served as collateral ($0).
Title: Revolving Loan Fund
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal assistance activity of the Corporation 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. BlueHub Capital, Inc and Affiliates' consolidated financial statements include the operations of certain limited partnerships and limited liability corporations, the Federal programs of which are not included in the accompanying Schedule of Expenditures of Federal Awards for the year ended December 31, 2023, since for-profit companies are not subject to the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10% de minimis cost rate for its Federal programs.
The Capital Magnet Fund listed on page 68 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 associated with each award is completed at various dates through May 2027. The amount presented represents qualifying grant funds deployed or committed as of December 31, 2023, reinvested program income (interest), and grant funds advanced but not deployed or committed as of December 31, 2023, as follows: