Notes to SEFA
Title: NOTE 5 – LOAN PROGRAMS
Accounting Policies: NOTE 1 – BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Proud Ground under programs of the federal government for the year ended December 31, 2024. The information in the 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 Proud Ground & Subsidiary, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Proud Ground.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized in accordance with the requirements Title 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
NOTE 3 – ASSISTANCE LISTING PROGRAMS
The program titles and Assistance Listing (“AL”) numbers were obtained from the federal or pass-through grantor or the catalog of federal domestic assistance.
De Minimis Rate Used: N
Rate Explanation: Proud Ground did not use the 10% de minimis indirect cost rate.
The loan programs listed subsequently are administered directly by Community Frameworks, and balances and transactions relating to these programs are included in Proud Ground’s basic 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 outstanding balance at December 31, 2024 consists of $1,390,059