Title: NOTE 1 – 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 principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. For performance-based awards, expenditures reported represent amounts earned.
De Minimis Rate Used: N
Rate Explanation: The Foundation has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The Foundation recovers its indirect costs using the negotiated indirect cost rate provided under Section 200.414 of the Uniform Guidance Part 200.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of Community Economic Development Fund Foundation, Inc. and Subsidiary (“the Foundation”) 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 this Schedule presents only a selected portion of the operations of the Foundation, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of the Foundation.
Title: NOTE 2 – 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 principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. For performance-based awards, expenditures reported represent amounts earned.
De Minimis Rate Used: N
Rate Explanation: The Foundation has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The Foundation recovers its indirect costs using the negotiated indirect cost rate provided under Section 200.414 of the Uniform Guidance Part 200.
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. For performance-based awards, expenditures reported represent amounts earned.
The Foundation has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The Foundation recovers its indirect costs using the negotiated indirect cost rate
provided under Section 200.414 of the Uniform Guidance Part 200.
Title: NOTE 3 – SMALL BUSINESS ADMINISTRATION MICROLOAN PROGRAM:
Accounting Policies: 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. For performance-based awards, expenditures reported represent amounts earned.
De Minimis Rate Used: N
Rate Explanation: The Foundation has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The Foundation recovers its indirect costs using the negotiated indirect cost rate provided under Section 200.414 of the Uniform Guidance Part 200.
The Foundation participates in the Small Business Administration’s ("SBA") Microloan Program for smallbusinesses. The Foundation borrows funds from the SBA for the purpose of making loans to eligible businesses within the State of Connecticut. The loans are limited to a maximum amount of $50,000 per loan and require the borrower to repay the Foundation on a monthly basis at interest rates set at the time of closing. As of December 31, 2024, the Foundation owed the SBA $2,814,268 under four separate
borrowings:
SBA Loan SBA Loan SBA Loan SBA Loan
Number Number Number Number
8545465007 9404388007 3998809106 6261259106
Issue Date December 2016 August 2020 July 2022 August 2024
Interest Rate 0.000% 0.000% 0.625% 3.000%
Original Amount $ 750,000 $ 1,250,000 $ 1,250,000 $ 1,250,000
Balance - Beginning of Year $ 220,923 $ 926,867 $ 1,216,698 $ -
Loan proceeds - - - 750,000
Loan repayments (83,332) (138,591) (78,297) -
Balance - End of Year $ 137,591 $ 788,276 $ 1,138,401 $ 750,000