Title: Federal loan programs
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Enterprise Community Partners, Inc. and its Subsidiaries and Affiliates 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 (the "Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of Enterprise Community Partners, Inc. and its Subsidiaries and Affiliates, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Enterprise Community Partners, Inc. and its Subsidiaries and Affiliates.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following as applicable, either the cost principles in OMB Circular A-122 or 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: Both
Rate Explanation: Partners operates under an Indirect Cost Rate Agreement that is approved by the U.S. Department of Housing and Urban Development. Whereas, ECD and EGA have elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance, as applicable. Loan Fund has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The federal loan programs listed below are administered directly by Loan Fund and ECD as noted below and the balances and transactions related to these programs are included in Enterprise Community Partners, Inc. and its Subsidiaries and Affiliates' consolidated financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at December 31, 2024, consist of:
Title: Credit enhancement for Charter School facilities
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Enterprise Community Partners, Inc. and its Subsidiaries and Affiliates 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 (the "Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of Enterprise Community Partners, Inc. and its Subsidiaries and Affiliates, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Enterprise Community Partners, Inc. and its Subsidiaries and Affiliates.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following as applicable, either the cost principles in OMB Circular A-122 or 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: Both
Rate Explanation: Partners operates under an Indirect Cost Rate Agreement that is approved by the U.S. Department of Housing and Urban Development. Whereas, ECD and EGA have elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance, as applicable. Loan Fund has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The U.S Department of Education has awarded total grants of $8,000,000 to Loan Fund to credit enhance the loans made by it to stimulate the financing of charter schools. The grant funds are to remain invested in separate grant reserve accounts in accordance with the requirements of the grant. Such financial assistance is considered federal awards expended based on the amounts in the reserve accounts at the beginning of the grantee fiscal year; plus any new funds received; plus investment earnings received in the grantee's fiscal year to add to the reserve account; less any application of the grants resulting from the credit enhancements provided. Cumulative application of grant funds to cover credit enhancements losses from program inception to December 31, 2024, were $0. The reserve account balance as of December 31, 2024, is $8,546,904 consisting of the grant balance of $8,000,000 and accumulated net investment earnings of $546,904, of which $107,874 was earned in 2023 and $439,030 was earned in 2024.