Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: DOF used the funding strictly for loans, as such no overhead costs were charged against this grant for the year ended December 31, 2024.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of The Disability Fund, Inc. (d/b/a The Disability Opportunity Fund), (“DOF”) under programs of the federal government for the year ended December 31, 2024. 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). Because the Schedule presents only a selected portion of the operations of DOF, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the DOF.
Title: NOTE 2 – SIGNIFICANT ACCOUNTING POLICY
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: DOF used the funding strictly for loans, as such no overhead costs were charged against this grant for the year ended December 31, 2024.
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: NOTE 3 – INDIRECT COST RATE
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: DOF used the funding strictly for loans, as such no overhead costs were charged against this grant for the year ended December 31, 2024.
DOF used the funding strictly for loans, as such no overhead costs were charged against this grant for the year ended December 31, 2024.
Title: NOTE 4 – FEDERAL AWARD ASSISTANCE
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: DOF used the funding strictly for loans, as such no overhead costs were charged against this grant for the year ended December 31, 2024.
DOF receives federal funding from the Community Development Financial Institutions Equitable Recovery Program (“CDFI ERP”) which is part of the United States Department of Treasury. Through the CDFI ERP Program, the CDFI Fund provides two types of monetary awards to CDFIs-Financial Assistance (FA) Awards and Technical Assistance (TA) Awards. In order to be eligible to apply for assistance, entities must meet, or propose to meet, specific CDFI eligibility criteria (12 CFR sections 1805.200 and 1805.201). CDFIs include, among others, entities such as banks, credit unions, depository institution holding companies, loan funds, and venture capital funds. Expenditures reflected within the Schedule of Expenditures of Federal Awards represents Loans made by DOF to qualified borrowers. All operating expenses associated with these loans are paid for by DOF.
Title: NOTE 5 – SUBRECIPIENTS
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: DOF used the funding strictly for loans, as such no overhead costs were charged against this grant for the year ended December 31, 2024.
During the year ended December 31, 2024, DOF had no sub-recipients.
Title: NOTE 6 – NONCASH ASSISTANCE AND OTHER
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: DOF used the funding strictly for loans, as such no overhead costs were charged against this grant for the year ended December 31, 2024.
DOF did not receive any noncash assistance, federal loans, or federally funded insurance during the year ended December 31, 2024.