Notes to SEFA
Title: Note 3 Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of New Mexico Community Development Loan Fund, Inc. (the Loan 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 requirements of 2 CFR 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 the Loan Fund, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Loan Fund.
De Minimis Rate Used: Y
Rate Explanation: The Loan Fund has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported in this schedule consist of the beginning of the year outstanding loan balance plus advances made on the loan during the year. The outstanding balance at December 31, 2022 for the Small Business Administration loans, Federal Assistance Listing #59.046, was $1,161,511.
Title: Note 4 Federal Funded Insurance
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of New Mexico Community Development Loan Fund, Inc. (the Loan 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 requirements of 2 CFR 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 the Loan Fund, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Loan Fund.
De Minimis Rate Used: Y
Rate Explanation: The Loan Fund has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Loan Fund has no federally funded insurance.