Title: NOTE A Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained at Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: BBIF has elected to use 10% De Minimis cost rate.
The accompaning Shedule of Expenditures of Federsl Awards (the "Schedule" ) includes grant activities of the Black Business Investment Fund, Inc. For the year ended September 30, 2024. The information in this schedule is presented in accordance with the requirements of OMB compliance Supplement. Because tSchedule pre sents only a selecte d portion of the operation of the Agency, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Agency. The amounts expended under the ARRA Microloan Program represents the loan proceeds disbursed to the Black Business Investment Fund, Inc. ("BBIF") by the Small Business Administration, ("SBA") net of repayments of principal at September 30, 2024. The Community Advantage Pilot Loan Program is an SBA 7(a) loan guarantee program whereby the SBA, for specified fees, guarantees a percentage of the original value of loans underwritten under this program. Expenditures reflected above represent the gross value of the guaranteed percentage of loans underwritten under the program during the fiscal year ended September 30, 2024.Community Development Financial Institutions Loan Fund Program. This program provides funding to enhance recipient CDFI’s ability to provide loans and investments and to provide financial services that promote economic revitalization.Community Development Financial Institutions Fund Rapid Response Program (CDFI ERP). This program provides funding to support, prepare for, and respond to the economic impact of the novel coronavirus, COVID-19.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained at Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: BBIF has elected to use 10% De Minimis cost rate.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained at Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: NOTE C – INDIRECT COSTS
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained at Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: BBIF has elected to use 10% De Minimis cost rate.
BBIF has elected to use 10% De Minimis cost rate.
Title: NOTE D – NON–CASH ASSISTANCE
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained at Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: BBIF has elected to use 10% De Minimis cost rate.
BBIF did not receive any federal non-cash assistance for the fiscal year ended September 30, 2024.
Title: NOTE E – CONTINGENCY
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained at Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: BBIF has elected to use 10% De Minimis cost rate.
The grant revenue amounts received are subject to audit and adjustments. If any expenditures are disallowed by a grantor agency as a result of such an audit, any claim for reimbursement to the grantor agencies will become a liability of the agency. In the opinion of management, all grant expenditures are in compliance with the terms of the grant agreements and applicable federal and state laws and regulations