Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal awards activity of DRNMF under programs of the federal government for the year ended December 31, 2022. 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 DRNMF, it is not intended to, and does not present the financial position, changes in net assets, or cash flows of DRNMF. 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: The auditee did not use the de minimis cost rate.
COMMUNITY DEVELOPMENT BLOCK GRANTS/ENTITLEMENT GRANTS (14.218) - Balances outstanding at the end of the audit period were 38709. COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS PROGRAM (21.020) - Balances outstanding at the end of the audit period were 602332. COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS RAPID RESPONSE PROGRAM (CDFI RRP) (21.024) - Balances outstanding at the end of the audit period were 180000. CORONAVIRUS STATE AND LOCAL FISCAL RECOVERY FUNDS (21.027) - Balances outstanding at the end of the audit period were 47439.