Notes to SEFA
Title: Loans and Loan Guarantees Outstanding
Accounting Policies: 1. Basis of Presentation
The accompanying schedule of federal awards includes the federal grant activity of 3CORE and is
presented on the accrual basis of accounting. The information in this 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). Therefore, some amounts presented in this schedule may differ from amounts
presented in, or used in, the preparation of the financial statements.
2. Summary of Significant Accounting Policies
Expenditures - 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 to reimbursement.
Indirect Cost Rate - 3CORE has not elected to use the 10 percent de minimis indirect cost rate as
allowed under the Uniform Guidance.
3. Subrecipients
Of the federal expenditures presented in this schedule, 3CORE did not provide any federal awards
to subrecipients.
4. Nonmonetary Assistance
3CORE neither received nor disbursed federal awards in the form of nonmonetary assistance
during the fiscal year ended June 30, 2023.
De Minimis Rate Used: N
Rate Explanation: 3CORE, Inc. has not elected to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
5. Basis for Determining Expenditures of Federal Awards for the Economic Adjustment
Assistance Program, Federal CFDA 11.307
The Office of Management and Budget (OMB) Compliance Supplement formula to determine the
amount to be presented on the schedule of expenditures of federal awards for revolving loan fund
(RLF) grants under federal CFDA 11.307. The formula to determine expenditures to be reported in
the Schedule is as follows:
(1) The balance of RLF loans outstanding at the end of the recipient's fiscal year, plus;
(2) The cash and investment balance in the RLF at the end of the fiscal year, plus;
(3) Administrative expenses paid out of the RLF during the year, plus;
(4) The unpaid principal of all loans written off during the year; and then multiply this sum by;
(5) The federal share of the RLF based on the federal grant rate as specified in the grant award.
Accordingly, 3CORE has reported expenditures of federal awards for its Economic Adjustment
Assistance funded RLF program as follows:
RLF 4
RLF 3 CARES
Balance of RLF loans outstanding at June 30, 2023 $282,007 $ 998,711
Cash balance in RLF at June 30, 2023 31,480 382,117
Administrative expenses paid out of the RLF during the year 3,565 20,138
Unpaid principal of all RLF loans written off during the year - -
Total RLF loan pool 317,052 1,400,966
The Federal share of the RLF loan pool 82.44% 100%
Total RLF expenditures for year ending June 30, 2023
$261,380 $1,400,966