Title: NOTE 1: BASIS OF PRESENTATION
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: Community First Fund and Subsidiaries have elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of Federal awards (the "Schedule") includes the federal award activity of Community First Fund and Subsidiaries under programs of the Federal government for the year ended June 30, 2024. The information in this Schedule is presented in accordance with 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 Community First Fund and Subsidiaries, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Community First Fund and Subsidiaries.
Title: NOTE 3: 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: Community First Fund and Subsidiaries have elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
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, 2024, consists of:
Beginning balance, July 1, 2023 $7,106,028
Bond funding drawn -
Schedule of Federal Awards, balance, June 30, 2023 7,106,028
Repayments (221,763)
Ending balance, June 30, 2024 $6,884,265
Title: NOTE 4: 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: Community First Fund and Subsidiaries have elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
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, 2024, consists of:
Beginning balance, July 1, 2023 $1,169,316
Loan funding drawn -
Schedule of Federal Awards, balance, June 30, 2023 1,169,316
Repayments (349,501)
Ending balance, June 30, 2024 $819,815
Title: NOTE 5: 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: Community First Fund and Subsidiaries have elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
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, 2024, consists of:
Beginning balance, July 1, 2023 $319,479
Loan funding drawn -
Ending balance, June 30, 2024 $319,479