Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of Access to Capital for Entrepreneurs, Inc. under programs for 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 Access to Capital for Entrepreneurs, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Access to Capital for Entrepreneurs, Inc.
(1) 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.
(2) Pass-through entity identifying numbers are presented where available.
(3) Access to Capital for Entrepreneurs, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed the under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Negotiated indirect cost rate was used.
ACE has received multiple Small Business Administration (SBA) direct loans under the SBA’s microloan program and a loan from the United States Department of Agriculture (USDA) under the intermediary relending program. The loan balance outstanding at the beginning of the year was $7,424,755 and the balance of the loan outstanding at December 31, 2023 consists of:
See the Notes to the SEFA for chart/table