Title: SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Corporation’s federal award program and has been prepared using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The corporation charges direct costs to federal Grant programs.
The accompanying schedule of expenditures of federal awards is a summary of the activity of the Corporation’s federal award program and has been prepared using the accrual basis of accounting.
Title: SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Corporation’s federal award program and has been prepared using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The corporation charges direct costs to federal Grant programs.
The Company has not elected to use the de minimis ten percent indirect cost rate.
Title: FEDERAL DISBURSEMENTS/EXPENSES, INTERMEDIARY RELENDING PROGRAM
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Corporation’s federal award program and has been prepared using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The corporation charges direct costs to federal Grant programs.
A reconciliation of federal disbursements/expenses is as follows:A reconciliation of federal disbursements/expenses is as follows:
Beginning loan balance $ 1,221,150
Loans disbursed for the year ended -0
-Income earned and expended on eligible administrative expenses 833
$ 1,221,983
October 31, 2023 -0-
The total notes payable to the U S Department of Agriculture as of October 31, 2023 are $1,075,842.
Total loans receivable are $1,182,022 at October 31, 2023.
Title: FEDERAL DISBURSEMENTS/EXPENSES, ECONOMIC ADJUSTMENT PROGRAM
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Corporation’s federal award program and has been prepared using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The corporation charges direct costs to federal Grant programs.
A reconciliatioA reconciliation of federal disbursements/expenses is as follows:
Balance of loans - October 31, 2023 $ 2,838,113
Cash balance - October 31, 2023 610,913
Income earned and expended on eligible administrative expenses
75,000
$ 3,524,026
Total loans receivable are $2,838,113 at October 31, 2023.
Title: FEDERAL DISBURSEMENTS/EXPENSES, CARES ACT REVOLVING LOAN FUND
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Corporation’s federal award program and has been prepared using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The corporation charges direct costs to federal Grant programs.
A reconciliation of federal disbursements/expenses is as follows:
Balance of loans - October 31, 2023 $ 2,368,765
Cash balance - October 31, 2023 225,901
Income earned and expended on eligible administrative expenses 50,000
$ 2,644,667
Total loans receivable are $2,368,765 at October 31, 2023.
Title: . FEDERAL DISBURSEMENTS/EXPENSES, COMMUNITY DEVELOPMENT BLOCK GRANT/ STATE’S PROGRAM
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Corporation’s federal award program and has been prepared using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The corporation charges direct costs to federal Grant programs.
A reconciliation of federal disbursements is as follows:Beginning loan balance
Beginning Loan balance $ 190,794
Loans disbursedOctober 31, 2023 101,114
Income earned and expended on administrative expenses eligible
6,894
$ 298,802
Total loans receivable are $273,403 at October 31, 2023.
Title: FEDERAL DISBURSEMENTS/EXPENSES, COMMUNITY DEVELOPMENT FINANCIAL INSTITUIONS FUND
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Corporation’s federal award program and has been prepared using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The corporation charges direct costs to federal Grant programs.
A reconciliation of federal disbursements/expenses is as follows:Beginning loan balance
Beginning loan balance $253,295
Loans disbursed for the year
ended October 31, 2023 -0 -
Income earned and expended on administrative expensesexpenses
12,384
$ 265,679
Total loans receivable are $211,071 at October 31, 2023.
Title: SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Corporation’s federal award program and has been prepared using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The corporation charges direct costs to federal Grant programs.
No awards were passed through to subrecipients.