Title: Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award
activity of Providence Revolving Fund and Affiliate, under programs of the federal government for the year
ended February 28, 2023. 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 (Uniform Guidance). Because the Schedule
presents only a selected portion of the operations of Providence Revolving Fund and Affiliate, it is not
intended to and does not present the financial position, changes in net assets, or cash flows of Providence
Revolving Fund and Affiliate. Expenditures reported on the Schedule are reported on the 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: Providence Revolving Fund and Affiliate has elected not to use the de minimis cost rate as allowed under
the Uniform Guidance
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award
activity of Providence Revolving Fund and Affiliate, under programs of the federal government for the year
ended February 28, 2023. 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 (Uniform Guidance). Because the Schedule
presents only a selected portion of the operations of Providence Revolving Fund and Affiliate, it is not
intended to and does not present the financial position, changes in net assets, or cash flows of Providence
Revolving Fund and Affiliate
Title: Summary of Significant accounting policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award
activity of Providence Revolving Fund and Affiliate, under programs of the federal government for the year
ended February 28, 2023. 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 (Uniform Guidance). Because the Schedule
presents only a selected portion of the operations of Providence Revolving Fund and Affiliate, it is not
intended to and does not present the financial position, changes in net assets, or cash flows of Providence
Revolving Fund and Affiliate. Expenditures reported on the Schedule are reported on the 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: Providence Revolving Fund and Affiliate has elected not to use the de minimis cost rate as allowed under
the Uniform Guidance
Expenditures reported on the Schedule are reported on the 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.
Title: Indirect Cost rate
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award
activity of Providence Revolving Fund and Affiliate, under programs of the federal government for the year
ended February 28, 2023. 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 (Uniform Guidance). Because the Schedule
presents only a selected portion of the operations of Providence Revolving Fund and Affiliate, it is not
intended to and does not present the financial position, changes in net assets, or cash flows of Providence
Revolving Fund and Affiliate. Expenditures reported on the Schedule are reported on the 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: Providence Revolving Fund and Affiliate has elected not to use the de minimis cost rate as allowed under
the Uniform Guidance
Providence Revolving Fund and Affiliate has elected not to use the de minimis cost rate as allowed under
the Uniform Guidance.
Title: Loan program
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award
activity of Providence Revolving Fund and Affiliate, under programs of the federal government for the year
ended February 28, 2023. 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 (Uniform Guidance). Because the Schedule
presents only a selected portion of the operations of Providence Revolving Fund and Affiliate, it is not
intended to and does not present the financial position, changes in net assets, or cash flows of Providence
Revolving Fund and Affiliate. Expenditures reported on the Schedule are reported on the 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: Providence Revolving Fund and Affiliate has elected not to use the de minimis cost rate as allowed under
the Uniform Guidance
Providence Revolving Fund and Affiliate received a direct loan under the federal program listed below
during the year ended February 28, 2023 which is included in the Schedule. The balance of the loans
outstanding at February 28, 2023 consists of $235,000 for the Community Development Financial Institutions Financial Assistance Program.