Title: Basis of presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Business Outreach Center Network, Inc. and BOC Capital Corp. have elected 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 Business Outreach Center Network, Inc. and BOC Capital Corp. under
programs of the federal government for the year ended June 30, 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 Business Outreach Center Network, Inc. and BOC Capital
Corp., it is not intended to and does not present the financial position, changes in net assets or cash
flows of Business Outreach Center Network, Inc. and BOC Capital Corp.
Title: Summary of significant accounting policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Business Outreach Center Network, Inc. and BOC Capital Corp. have elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principals contained in Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Indirect cost rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Business Outreach Center Network, Inc. and BOC Capital Corp. have elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Business Outreach Center Network, Inc. and BOC Capital Corp. have elected to use the 10-percent
de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Loan outstanding
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Business Outreach Center Network, Inc. and BOC Capital Corp. have elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
BOC Capital Corp. carry revolving loans from Small Business Administration. Loan balances
outstanding at the beginning of the fiscal year plus any new loans received during the fiscal year
are reported as federal expenditures in the Schedule. The balance of the loans outstanding at June
30, 2024 consists of:
Federal Assistance
listing Number Program name Loan number
Loan balance
outstanding at
06/30/24
59.046 Microloan Program 9753505005 $ 459,666
59.046 Microloan Program 3916307005 686,051
59.046 Microloan Program 1836399101 688,657
$ 1,834,374
Title: Revolving Loan Fund Expenditures
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Business Outreach Center Network, Inc. and BOC Capital Corp. have elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
In accordance with program guidance under federal assistance listing number 11.307 – Economic
Adjustment Assistance for Revolving Loan Fund (“RLF”), the expenditures for the year ended
June 30, 2024 have been calculated as follows:
Balance of RLF loans outstanding at fiscal year ended 6/30/2024, plus $ 562,822
Cash balance in RLF at fiscal year ended June 30, 2024, plus 1,129,371
Administrative Expenses Paid Out of RLF income during fiscal year ended June 30, 48,405
2024, plus
Administrative expenses paid using award funds designated for administrative
expenses
135,814
during the fiscal year ended June 30, 2024, plus
The unpaid principal of all loans written off during the fiscal year ended June 30, 2024 -
Total 1,876,412
Federal share of the RLF award 100%
Total RLF federal expenditures $ 1,876,412