Audit 356700

Accounting Policies: NOTE A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 1. Accounting and Presentation The accompanying schedule includes federal grant activity of Community Development Resources and is presented on the accrual basis of accounting. Grant awards are considered expended when the expense transactions associated with the grant occur. The outstanding loan balances are considered expended as long as the Federal government imposes continuing compliance requirements. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. 2. Subrecipients The Organization provided no federal awards to subrecipients. 3. De Minimis Indirect Cost Rate The Organization has elected to charge the 10% de minimis indirect cost rate to its federal award programs. 4. Loans The federal loan programs listed subsequently are administered directly by the Organization and balances and transactions relating to these programs are included in the Organization’s basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures represented in the Schedule. As of the year ended December 31, 2024, the outstanding balance for the following loan program is; Microloan Program – $938,702. De Minimis Rate Used: Y Rate Explanation: The Organization has elected to charge the 10% de minimis indirect cost rate to its federal award programs.