Title: Note 1 – Basis of Presentation
Accounting Policies: The schedule of expenditures of federal awards (the Schedule) is presented using the accrual basis of accounting, which is described in Note 1 to the basic financial statements of Development Bank of American Samoa (DBAS). Such expenditures are recognized following 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 (Uniform Guidance) wherein certain types of expenses are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where applicable.
De Minimis Rate Used: N
Rate Explanation: DBAS has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The schedule of expenditures of federal awards (the Schedule) is presented using the accrual basis of accounting, which is described in Note 1 to the basic financial statements of Development Bank of American Samoa (DBAS). Such expenditures are recognized following 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 (Uniform Guidance) wherein certain types of expenses are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where applicable.
Title: Note 2 – Indirect Cost Rate
Accounting Policies: The schedule of expenditures of federal awards (the Schedule) is presented using the accrual basis of accounting, which is described in Note 1 to the basic financial statements of Development Bank of American Samoa (DBAS). Such expenditures are recognized following 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 (Uniform Guidance) wherein certain types of expenses are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where applicable.
De Minimis Rate Used: N
Rate Explanation: DBAS has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
DBAS has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note 3 – Loan Programs
Accounting Policies: The schedule of expenditures of federal awards (the Schedule) is presented using the accrual basis of accounting, which is described in Note 1 to the basic financial statements of Development Bank of American Samoa (DBAS). Such expenditures are recognized following 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 (Uniform Guidance) wherein certain types of expenses are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where applicable.
De Minimis Rate Used: N
Rate Explanation: DBAS has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
DBAS, on behalf of the American Samoa Government, has been designated the responsibility of implementing and carrying out the objective of the HOME Investment Partnerships Program. The purpose of this program is to provide no-cost or low-cost financing assistance to low-income families. Under
DBAS’s policies and procedures, loan applicants under the HOME Investment Partnerships Program that have been determined to be eligible for financial assistance are required to comply with the terms of the homeowner rehabilitation assistance including the DBAS affordability period and principal residency
requirements. As of December 31, 2020, outstanding HOME Investment Partnerships Program loans with continuing compliance requirements totaled $4,287,403.
Title: Note 3 – Loan Programs (continued)
Accounting Policies: The schedule of expenditures of federal awards (the Schedule) is presented using the accrual basis of accounting, which is described in Note 1 to the basic financial statements of Development Bank of American Samoa (DBAS). Such expenditures are recognized following 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 (Uniform Guidance) wherein certain types of expenses are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where applicable.
De Minimis Rate Used: N
Rate Explanation: DBAS has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
DBAS is the subrecipient of grants for Revolving Loan Funds (RLFs) under Federal Assistance Listing Number (ALN) Program 11.307 Economic Adjustment Assistance (EDA). For purposes of the Schedule of Expenditures of Federal Awards, the calculation of total expenditures as required in the OMB Compliance Supplement is as follows:
Balance of RLF loans outstanding as of December 31, 2020 $ 951,345
Plus cash balances in the RLF as of December 31, 2020 691,824
Plus administrative expenses paid out of RLF income during 2020 54,020
Total RLF $ 1,697,189
Federal share of $600,000 1999 EDA RLF Grant $ 300,000
Federal share of $650,000 1995 EDA RLF Grant 300,000
Total federal share of EDA RLF Grants 600,000
Divided by total EDA RFL Grants Contributions 1,817,937
Total Share of RLF rate 33.00%
Total Assistance Listing Number 11.307 EDA RLF Expenditures $ 560,072
There are no continuing compliance requirements from grantor agencies related to the Community Development Block Grants/Special Purpose Grants/Insular Area (ALN # 14.225) and the Community
Services Block Grant (ALN # 93.569) loan portfolios. Federal award expenditures include loan disbursements of $984,742. As of December 31, 2020, loan disbursements for the HOME Investment
Partnerships Program amounted to $646,225 and consisted of $44,375 and $601,850 from grant drawdowns and program income, respectively.