Notes to SEFA
Title: Note 1—Basis of presentation
Accounting Policies: Basis of Accounting – Expenditures are reported on the Schedule in accordance with Community Development Financial Institutions’ grant award guidance, which indicates that funds are considered expended once the recipient allocates them to one of the thirteen (13) CDFI ERP eligible activities set forth in the grant award.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate – The Catalytic Fund has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Catalytic Development Funding Corp of Northern Kentucky (the “Catalytic Fund “) 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 the Catalytic Fund, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Catalytic Fund.