Notes to SEFA
Title: LOAN ADMINISTRATION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant transactions of Community Capital Development Corporation and Business Development Finance Corporation (collectively the “Organization”) recorded on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements imposed by the Single Audit Act and Subpart F of Title 2 U.S. Code of Federal Regulations (“CFR”) 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 combined financial statements. The Organization has elected not to use 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Organization services loans using federal grant awards that are passed through various local agencies. These loan amounts are not included on the combined statements of position or statements of activities. The Organization services the loans by collecting payments from borrowers, and either returns the monies to the local agencies or uses the funds to issue new loans and reduce the amounts requested on grant advances. The Organization is reimbursed for expenses related to loan processing and servicing.
Title: CALCULATION OF FEDERAL AWARDS EXPENDED
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant transactions of Community Capital Development Corporation and Business Development Finance Corporation (collectively the “Organization”) recorded on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements imposed by the Single Audit Act and Subpart F of Title 2 U.S. Code of Federal Regulations (“CFR”) 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 combined financial statements. The Organization has elected not to use 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Because the federal government and various local agencies are at risk for loans until the debts are repaid, the following guidelines are used to calculate the value of federal awards expended under loans programs:
• The amount of new loans made during the fiscal year.
• The beginning of the fiscal year balance of loans from previous years for which the federal government imposes continuing compliance requirements.
• The balance in servicing bank accounts, which can be used to fund new loans and where continuing compliance requirements are imposed.
• Any administrative cost allowance received.
Title: LOANS OUTSTANDING
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant transactions of Community Capital Development Corporation and Business Development Finance Corporation (collectively the “Organization”) recorded on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements imposed by the Single Audit Act and Subpart F of Title 2 U.S. Code of Federal Regulations (“CFR”) 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 combined financial statements. The Organization has elected not to use 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Organization had the following loan balance outstanding at September 30, 2024. These loan programs are included in the federal expenditures presented in the schedule of expenditures of federal awards.
Cluster/Program Amount
Economic Development Loan Program 14.218 $ 419,030
AL Number