Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Note 1 - Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grantactivities of The Genesis Fund under the programs of the federal government for the year ended March 31,2022. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S.Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and AuditRequirements of Federal Awards (Uniform Guidance). Because the schedule presents only a selectedportion of the operations of The Genesis Fund, it is not intended to and does not present the financialposition, changes in net assets or cash flows of The Genesis Fund.Note 2 - Summary of Significant Accounting PoliciesExpenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbersare presented where available.Note 3 - Subrecipient AgreementsThe organization does not provide grants to subrecipients.Note 4 - Indirect Cost RateThe Genesis Fund has not elected to use the 10% de minimis indirect cost rate as allowed under theUniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS PROGRAM (21.020) - Balances outstanding at the end of the audit period were 825000. COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS RAPID RESPONSE PROGRAM (CDFI RRP) (21.024) - Balances outstanding at the end of the audit period were 1826265.