Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in 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. Mission Asset Fund recognizes grants to the extent that eligible grant costs are incurred. Mission Asset Fund has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Mission Asset Fund has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Mission Asset Fund under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the cost principles contained in 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 Mission Asset Fund, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Mission Asset Fund.
Title: Loan Programs Administered by Mission Asset Fund
Accounting Policies: Expenditures reported in 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. Mission Asset Fund recognizes grants to the extent that eligible grant costs are incurred. Mission Asset Fund has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Mission Asset Fund has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Loans administered by Mission Asset Fund totaled $12,374 for the year ended December 31, 2023. The amounts shown reflect loans made to eligible borrowers by the federal government. Mission Asset Fund’s responsibility over these loans is to determine eligibility and act as the disbursing agent for the loans. Loans made to borrowers in the prior years, for which the federal government is still at risk, are held by Mission Asset Fund.
Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. Total loans outstanding as of December 31, 2023, were $166,735.
Title: Subrecipients
Accounting Policies: Expenditures reported in 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. Mission Asset Fund recognizes grants to the extent that eligible grant costs are incurred. Mission Asset Fund has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Mission Asset Fund has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Mission Asset Fund did not provide federal awards to subrecipients during the year ended December 31, 2023.
Title: Loans Receivable Outstanding
Accounting Policies: Expenditures reported in 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. Mission Asset Fund recognizes grants to the extent that eligible grant costs are incurred. Mission Asset Fund has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Mission Asset Fund has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Below is a reconciliation of the loan receivable balances outstanding as of December 31, 2023.