Notes to SEFA
Title: Outstanding Loan Balances
Accounting Policies: 1.Reporting EntityNebraska Enterprise Fund, (the Organization) serves Nebraska's micro-businesses as a financial intermediary by providing support for programs to assist micro-businesses with loans, training, technical assistance and peer support. The Organization provides the micro-programs with grant funds for operating capital; loan funds to re-lend to businesses; research and product development; capacity building and evaluations. The Organization directly provides resources to micro/small businesses. The Organization makes direct loans to businesses, provides collateral support in the form of certificates of deposits loan guarantees for bank loans, and provides technical assistance to the businesses.2.Basis of AccountingThe schedule of expenditures of federal awards is presented on the accrual basis of accounting.3.Basis of PresentationThe accompanying schedule presents expenditures paid for each federal award program in accordance with the Office of Management and Budget (OMB) Title 2 U.S. Code of Federal Regulations part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal programs are reported as presented in the Catalog of Federal Domestic Assistance (CFDA), whenever possible.4.ContingenciesDuring the normal course of business, the Organization receives funds from the United State Government for program services. Substantially all of these funds are subject to future audit by various federal and state agencies, however, it is managements opinion that resulting adjustments, if any, would not have a material effect upon the accompanying financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to charge the 10% de minimis indirect cost rate to its federal award programs.
As of the year ended June 30, 2024, the outstanding balances for the following loan
programs are; Microloan Program – $533,036, CDFI Lending – $1,829,802,
Economic Adjustment Assistance – $790,290; MPILP Lending - $4,346,826