Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Foundation has made no indirect cost rate election. No indirect costs were expended during the year ended June 30, 2024.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of The Golden L.E.A.F. (Long-term Economic Advancement Foundation), Inc. (the “Foundation”) under programs of the federal government for the year ended June 30, 2024. The information in the 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 (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of the Foundation, it is not intended to and does not present the net position or changes in fund balance of the Foundation.
Title: Loan Program
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Foundation has made no indirect cost rate election. No indirect costs were expended during the year ended June 30, 2024.
The Foundation’s grant agreement with the North Carolina Pandemic Recovery Office requires Federal funding received to be disbursed to an eligible subrecipient or contractor to support the North Carolina COVID-19 Rapid Recovery Loan Program. The grant agreement allows the Foundation’s program to make loans to the latest date allowed by Federal law, which was December 31, 2021. As loans payments are made by the borrowers and collected by the Foundation’s sole subrecipient, the Foundation is then required to return the net loan funds back to the North Carolina Pandemic Recovery Office beginning on the date the authority to award new loans ceases and every six months thereafter. In July 2022, the North Carolina General Assembly amended the legislation to allow the Foundation to recapture an amount equal to the amount of capital that the Foundation originally contributed to the program ($15 million), then any subsequent net loan funds will be remitted to the North Carolina Pandemic Recovery Office. The Foundation collected $8,118,460 in net loan funds, of which $3,607,998 was recorded as recaptured contributed capital and $4,510,462 was remitted to the North Carolina Pandemic Recovery Office, during the year ended June 30, 2024.
Total North Carolina COVID-19 Rapid Recovery Loan Program expenditures were as follows:
Year Ended June 30, 2024 Amount
Outstanding Coronavirus Relief Fund loan balance at June 30, 2023 $ 65,925,799
Value of new loans made or received -
Interest subsidy, cash, or other administrative cost allowances received -
Total expenditures of Federal awards $ 65,925,799
The total Coronavirus Relief Fund loans outstanding as of June 30, 2024 was $57,696,136. The Coronavirus Relief Fund loans outstanding throughout the year ended June 30, 2024 were not due to the Foundation, but rather these loans are due from the borrowers to the lenders.
Title: Contingencies
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Foundation has made no indirect cost rate election. No indirect costs were expended during the year ended June 30, 2024.
The federal financial assistance amounts received are subject to audit and adjustment. If any expenditures are disallowed by the applicable cognizant agency as a result of such an audit, any claim for reimbursement to the cognizant agencies could become a liability of the Foundation. In the opinion of management, all federal expenditures are in compliance with the terms of the agreements and applicable federal and state laws and regulations.