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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or before September 30, 2024 and also has not elected to use the 15-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or after October 1, 2024.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Cinnaire Lending Corporation 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 Cinnaire Lending Corporation and Subsidiaries, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Cinnaire Lending Corporation and Subsidiaries.
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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or before September 30, 2024 and also has not elected to use the 15-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or after October 1, 2024.
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. Pass-through entity identifying numbers are presented where available. The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or before September 30, 2024 and also has not elected to use the 15-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or after October 1, 2024.
Title: NOTE 3 - CDFI - CAPITAL MAGNET AWARD
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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or before September 30, 2024 and also has not elected to use the 15-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or after October 1, 2024.
The U.S. Department of Treasury has awarded a total of $29,300,000 to the Organization for 2019, 2020, 2021, and 2024 awards. The Capital Magnet Fund grant is being used to fund a revolving fund administered by the Cinnaire Lending Corporation and Subsidiaries. The grant documents contain provisions requiring certain benchmarks to be reached by the project completion date of five years from the award date. The provisions include: Service Area; Non- Metropolitan Area; Leveraging Multiplier; Total Minimum Costs Commitment and Targeted Income and Geographies. The CDFI Award requires certain minimums with a minimum 20% to be used in persistent poverty counties. These benchmarks are measured annually for the CMF Award.
In accordance with presentation requirements, the schedule of expenditures of federal awards includes the amounts disbursed in fiscal 2024 of $6,976,343. The balance outstanding at December 31, 2024 is $16,509,804.
Title: NOTE 4 - EQUITABLE RECOVERY 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or before September 30, 2024 and also has not elected to use the 15-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or after October 1, 2024.
The U.S. Department of Treasury has awarded a total of $4,957,678 to the Organization for the 2023 award. The Equitable Recovery Program grant is being used to fund is intended to respond to disproportionate economic impacts of the COVID-19 pandemic in low- or moderate-income communities and to borrowers with unmet capital and financial service needs in eligible Census Tracts.
In accordance with presentation requirements, the schedule of expenditures of federal awards includes the amounts disbursed in fiscal 2024 of $708,624. The balance outstanding at December 31, 2024 is $714,408.
Title: NOTE 5 - PASS-THROUGH FUNDS
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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or before September 30, 2024 and also has not elected to use the 15-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or after October 1, 2024.
The Organization did not pass through any federal funds to subrecipients.