Title: Program Income
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the Federal grant activity of TruFund Financial Services, Inc. and Subsidiaries (TruFund) and is presented on the accrual basis. 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). Therefore, federal awards expended under loan programs are calculated by taking the value of new loans made during 2023; plus beginning outstanding balance of loans for which the federal government imposes continuing compliance requirements; plus interest subsidy, cash, or administrative cost allowance. Accordingly, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of TruFund’s 2023 consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: TruFund has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Indirect costs are allocated to individual grants within the Schedule in accordance with contractual provisions of each grant.
TruFund reports program income when received in the accompanying schedule of expenditures of federal awards. The following programs reported program income:
Economic Adjustment Assistance – EDA RLF Dallas, 11.307, $ 39,042
Economic Adjustment Assistance – EDA RLF New York, 11.307, $57,463
Economic Adjustment Assistance – EDA RLF Baton Rouge, 11.307, $11,952
Economic Adjustment Assistance – EDA RLF North and Central Louisiana, 11.307, $5,988
Community Development Financial Institution – Nationa,l 21.020, $2,771
Community Development Financial Institution – New York and Texas, 21.020, $237
Community Development Financial Institution – Rapid Response National, 21.020, $37,438
Community Development Financial Institution – National, 21.020, $3,239
Community Development Financial Institution – ERP, 21.020, $39,666
Title: Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the Federal grant activity of TruFund Financial Services, Inc. and Subsidiaries (TruFund) and is presented on the accrual basis. 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). Therefore, federal awards expended under loan programs are calculated by taking the value of new loans made during 2023; plus beginning outstanding balance of loans for which the federal government imposes continuing compliance requirements; plus interest subsidy, cash, or administrative cost allowance. Accordingly, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of TruFund’s 2023 consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: TruFund has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Indirect costs are allocated to individual grants within the Schedule in accordance with contractual provisions of each grant.
TruFund had the following loan balances outstanding at December 31, 2023:
Economic Adjustment Assistance – EDA RLF Dallas, 11.307, $1,122,221
Economic Adjustment Assistance – EDA RLF New York, 11.307, $1,287,223
Economic Adjustment Assistance – EDA RLF Baton Rouge, 11.307, $330,326
Community Development Financial Institution National, 21.020, $75,000
Community Development Financial Institution New York and Texas, 21.020, $351,910
Community Development Financial Institution Rapid Response National, 21.020, $1,508,341
Community Development Financial Institution National, 21.020, $457,769
Community Development Financial Institution ERP, 21.020, $1,233,762