Notes to SEFA
Title: Basis of Presentation
Accounting Policies: This schedule of federal awards includes the federal program activity of FORGE, Inc. and is presented on the accrual basis of accounting. Such expenditures are recognized following the cost principles containted in the Uniform guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Intermediary Relending Program and the Microloan Program Direct Loans are included in this schedule at the amount of any new loans plus the balance of the unpaid balance as of September 30, 2022, of the loans from prior years for which the Federal Government imposes continuing compliance requirements.
De Minimis Rate Used: Y
Rate Explanation: FORGE, Inc. has elected to use the 10 percent de minimus indirect cost rate under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of FORGE, Inc. under programs of the federal governments for the year ended September 30, 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 Principals, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of FORGE, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: Federal Awards Passed Through to Subrecipients
Accounting Policies: This schedule of federal awards includes the federal program activity of FORGE, Inc. and is presented on the accrual basis of accounting. Such expenditures are recognized following the cost principles containted in the Uniform guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Intermediary Relending Program and the Microloan Program Direct Loans are included in this schedule at the amount of any new loans plus the balance of the unpaid balance as of September 30, 2022, of the loans from prior years for which the Federal Government imposes continuing compliance requirements.
De Minimis Rate Used: Y
Rate Explanation: FORGE, Inc. has elected to use the 10 percent de minimus indirect cost rate under the Uniform Guidance.
No federal financial assistance has been provided to a subrecipient.
Title: Loan/loan guarantee outstanding balances
Accounting Policies: This schedule of federal awards includes the federal program activity of FORGE, Inc. and is presented on the accrual basis of accounting. Such expenditures are recognized following the cost principles containted in the Uniform guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Intermediary Relending Program and the Microloan Program Direct Loans are included in this schedule at the amount of any new loans plus the balance of the unpaid balance as of September 30, 2022, of the loans from prior years for which the Federal Government imposes continuing compliance requirements.
De Minimis Rate Used: Y
Rate Explanation: FORGE, Inc. has elected to use the 10 percent de minimus indirect cost rate under the Uniform Guidance.
The total outstanding loan balances as of September 30, 2023 for federal awards totaled $4,476,932.