Notes to SEFA
Title: NOTE A
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.
De Minimis Rate Used: N
Rate Explanation: Vermont Community Loan Fund has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. An approved indirect rate of 63.9% is used for U.S Small Business Administration and USDA Rural Microentrepreneur Assistance Program technical assistance grants.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Vermont Community Loan 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 Vermont Community Loan Fund it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Vermont Community Loan Fund.
Title: NOTE C
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.
De Minimis Rate Used: N
Rate Explanation: Vermont Community Loan Fund has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. An approved indirect rate of 63.9% is used for U.S Small Business Administration and USDA Rural Microentrepreneur Assistance Program technical assistance grants.
The SBA 7(a) Loan Guarantee - Comumunity Advantage Pilot Program was sunset in 2023. On June 27, 2023 Vermont Community Loan Fund signed a Loan Guarantee Agreement to become a Small Business Lending Company.
Title: NOTE D
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.
De Minimis Rate Used: N
Rate Explanation: Vermont Community Loan Fund has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. An approved indirect rate of 63.9% is used for U.S Small Business Administration and USDA Rural Microentrepreneur Assistance Program technical assistance grants.
At December 31, 2024, pursuant to grant 01-79-14982 ,Vermont Community Loan Funds, Inc. had loans issued with principal outstanding balances of $829,618. During the year ended December 31, 2024, $3,911 in administrative expenses were expendedt. The federal share of the revolving fund is 100%.