Title: CDFI Bond Guarantee Program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in Office of Management and Budget Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Bonds outstanding at the beginning of the year and bond funding drawn during the year are included in the federal expenditures presented in the schedule of expenditures of federal awards. The balance of bonds outstanding at June 30, 2022, consists of:Beginning balance, July 1, 2021 $6,641,658 Bond funding drawn 800,000 Schedule of Federal Awards, balance, June 30, 2022 7,441,658 Repayments (118,366)Ending balance, June 30, 2022 $7,323,292
Title: SBA Microloan Program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in Office of Management and Budget Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Loans outstanding at the beginning of the year and loan funding drawn during the year are included in the federal expenditures presented in the schedule of expenditures of federal awards. The balance of loans outstanding at June 30, 2022, consists of:Beginning balance, July 1, 2021 $1,774,513 Loan funding drawn - Schedule of Federal Awards, balance, June 30, 2022 1,774,513 Repayments (327,659)Ending balance, June 30, 2022 $1,446,854
Title: CDFI Financial Assistance Loan
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in Office of Management and Budget Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The loan outstanding at the beginning of the year and loan funding drawn during the year are included in the federal expenditures presented in the schedule of expenditures of federal awards. The balance of the loan outstanding at June 30, 2022, consists of:Beginning balance, July 1, 2021 $319,479 Loan funding drawn - Ending balance, June 30, 2022 $319,479