Title: Note 1 - Basis of presentation
Accounting Policies: Expenditures reported in 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.
De Minimis Rate Used: N
Rate Explanation: CDC has not elected to use the 10% de minimus cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "schedule") includes the federal award activity of CDC Small Business Finance Corp. ("CDC") under programs of the federal government for the year ended December 31, 2024. The information 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 CDC, it is not intended to and does not present the financial position, changes in net assets or cash flows of CDC.
Title: Note 2 - Summary of significant accounting policies
Accounting Policies: Expenditures reported in 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.
De Minimis Rate Used: N
Rate Explanation: CDC has not elected to use the 10% de minimus cost rate as allowed under the Uniform Guidance.
Expenditures reported in 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: Expenditures reported in 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.
De Minimis Rate Used: N
Rate Explanation: CDC has not elected to use the 10% de minimus cost rate as allowed under the Uniform Guidance.
CDC has not elected to use the 10% de minimus cost rate as allowed under the Uniform Guidance.
Title: Note 4 - Microloan Program
Accounting Policies: Expenditures reported in 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.
De Minimis Rate Used: N
Rate Explanation: CDC has not elected to use the 10% de minimus cost rate as allowed under the Uniform Guidance.
The Microloan Program represents a program under which CDC periodically applies for and receives loan proceeds from the Small Business Administration ("SBA") (revolving loan pools) that are used to make microloans to eligible micro-borrowers. These microloans are made in accordance with guidance set forth by the SBA under its Standard Operating Procedures ("SOP") and require CDC to meet continuing compliance and reporting requirements. In addition, each fiscal year, CDC applies for and receives approval for grant funding to be paid on a reimbursement basis for specific technical assistance-related expenses incurred by CDC with respect to the Microloan Program. CDC received new funding of $2,127,000 during the year.
Title: Note 5 - Outstanding loan balances under federal programs
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: CDC has not elected to use the 10% de minimus cost rate as allowed under the Uniform Guidance.
CDC has received loan funding under federal programs as noted below. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of the loans outstanding as of December 31, 2024 consist of:
.
Program nameAssistance listing numberIdentifying numberOutstanding balance at December 31, 2024 Microloan ProgramMicroloan Program - Loan Program59.046 8556855001 141,077$ Microloan Program - Loan Program59.046 2443337008 308,545 Microloan Program - Loan Program59.046 3640117005 508,195 Microloan Program - Loan Program59.046 7061447003 1,385,545 Microloan Program - Loan Program59.046 4262109110 1,811,227 Microloan Program - Loan Program59.046 6109419101 2,127,000 Total Microloan Program 6,281,589 6,281,589