Title: Note 1 - Basis of Presentation
Accounting Policies: The above schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Renaissance Community Loan Fund, 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.C. 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 Renaissance Community Loan Fund, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Renaissance Community Loan Fund, Inc. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such exepnditures are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A0122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Renaissance Community Loan Fund, Inc. has elected to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
The above schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Renaissance Community Loan Fund, 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.C. 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 Renaissance Community Loan Fund, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Renaissance Community Loan Fund, Inc.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: The above schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Renaissance Community Loan Fund, 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.C. 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 Renaissance Community Loan Fund, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Renaissance Community Loan Fund, Inc. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such exepnditures are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A0122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Renaissance Community Loan Fund, Inc. has elected to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such exepnditures are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A0122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Note 3 - Indirect Cost Rate
Accounting Policies: The above schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Renaissance Community Loan Fund, 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.C. 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 Renaissance Community Loan Fund, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Renaissance Community Loan Fund, Inc. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such exepnditures are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A0122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Renaissance Community Loan Fund, Inc. has elected to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
Renaissance Community Loan Fund, Inc. has elected to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.