Title: BASIS OF ACCOUNTING & PRESENTATION
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is prepared using the accrual basis method of
accounting. 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). Therefore, some of the amounts presented in this schedule
may differ from amounts presented in or used in the preparation of the financial statements.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards is prepared using the accrual basis method of
accounting. 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). Therefore, some of the amounts presented in this schedule
may differ from amounts presented in or used in the preparation of the financial statements.
Title: RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is prepared using the accrual basis method of
accounting. 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). Therefore, some of the amounts presented in this schedule
may differ from amounts presented in or used in the preparation of the financial statements.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Amounts reported in the accompanying schedule agree with the amounts reported in the related periodic federal
financial reports.
Title: LOANS OUTSTANDING
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is prepared using the accrual basis method of
accounting. 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). Therefore, some of the amounts presented in this schedule
may differ from amounts presented in or used in the preparation of the financial statements.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The federally-funded loans outstanding at December 31, 2024 consist of the following:
Program Number Balance
USDA Rural Microentrepreneur Assistance Program (RMAP) 498548110 $ 182,127
USDA Intermediary Relending Program (IRP) - 408,319
USDA Intermediary Relending Program (IRP) - 386,248
Microloan Program 5382359103 792,467
Microloan Program 8512005002 70,371
Microloan Program 24661879104 640,539
Title: CATALOG OF FEDERAL DOMESTIC ASSISTANCE (CFDA)
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is prepared using the accrual basis method of
accounting. 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). Therefore, some of the amounts presented in this schedule
may differ from amounts presented in or used in the preparation of the financial statements.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The CFDA numbers included in the accompanying Schedule of Expenditures of Federal Awards were determined
based on the program name, review of the grant or contract information and the Office of Management and
Budget’s Catalog of Federal Domestic Assistance.
Title: INDIRECT COST RATE
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is prepared using the accrual basis method of
accounting. 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). Therefore, some of the amounts presented in this schedule
may differ from amounts presented in or used in the preparation of the financial statements.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.