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 2 CFR Part 230, Costs Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: LiftFund has elected to not 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 LiftFund Inc. 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 LiftFund, it is not intended, and does not, present the financial position, changes in net assets or cash flows of LiftFund. Therefore, some amounts presented in the Schedule may differ from amounts presented in the consolidated financial statements.
All of LiftFund’s federal awards were in the form of cash assistance for the year ended December 31, 2023.
Title: Loans and Loan Guarantees Outstanding
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 2 CFR Part 230, Costs Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: LiftFund has elected to not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
In accordance with the Uniform Guidance, §200.502 Basis for determining Federal awards expended, since the federal government is at risk for loans and loan guarantees awarded until the debt is repaid, the amount to be presented as expenditures of federal awards for loans and loan guarantees awarded, including those awarded and expended in prior years that have continuing compliance requirements, is:
1) Value of new loans or loan guarantees made or received during the audit period; plus
2) Beginning of the audit period balance of loans and loan guarantees from previous years for which the
federal government imposes continuing compliance requirements; plus
3) Any interest subsidy, cash, or administrative cost allowance received.
Accordingly, LiftFund has reported loans and loan guarantees awarded in accordance with the aforementioned criteria. Amounts presented as expenditures of federal awards for loan and loan guarantee programs by federal Assistance Listing Number are as follows:
See the Notes to the SEFA for chart/table.
During 2023, LiftFund issued 49 loans with a face value of $6,870,463 under the U.S. Small Business Administration Community Advantage Pilot 7(a) Loan Guarantee Program (SBA CAP). Loan guarantees were
provided under the SBA CAP for either 75%, 85%, or 90% of the original loan balance, or $5,484,067. During the year ended December 31, 2023, LiftFund received no insurance, no other loans or loan guarantees, and no other federal assistance for the purpose of administering federal programs.
Title: Basis for Determining Expenditures of Federal Awards for the Economic Adjustment Assistance Program, Federal Assistance Listing Number 11.307
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 2 CFR Part 230, Costs Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: LiftFund has elected to not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The 2023 Office of Management and Budget (OMB) Compliance Supplement section 4-11.300 provides a formula to determine the amount to be presented on the schedule of expenditures of federal awards for revolving loan fund (RLF) grants under federal Assistance Listing Number 11.307. The formula to determine expenditures to be reported in the Schedule is as follows:
1) The balance of RLF loan outstanding at the end of the recipient's fiscal year, plus;
2) The cash and investment balance in the RLF at the end of the fiscal year, plus;
3) Administrative expenses paid out of the RLF during the year, plus;
4) The unpaid principal of all loans written off during the year; and then multiply this sum by;
5) The federal share of the RLF based on the federal grant rate as specified in the grant award.
Accordingly, the Organization has reported expenditures of federal awards for its Economic Adjustment Assistance funded RLF program as follows:
See the Notes to the SEFA for chart/table.