Title: NOTE B: Summary of Significant Accounting Policies
Accounting Policies: NOTE A: Basis of Presentation - The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Four Bands Community Fund, Inc., under programs of the federal government for the year ended December 31, 2024. The informaiton in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Fedral Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Four Bands Community Fund, Inc. it is not intended to and does not present the financial position, changes in net assets, or cash flows of Four Bands Community Fund, Inc.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost princples contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: NOTE C: Indirect Cost Rate
Accounting Policies: NOTE A: Basis of Presentation - The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Four Bands Community Fund, Inc., under programs of the federal government for the year ended December 31, 2024. The informaiton in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Fedral Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Four Bands Community Fund, Inc. it is not intended to and does not present the financial position, changes in net assets, or cash flows of Four Bands Community Fund, Inc.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
Four Bands has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance
Title: NOTE D: Subrecipients
Accounting Policies: NOTE A: Basis of Presentation - The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Four Bands Community Fund, Inc., under programs of the federal government for the year ended December 31, 2024. The informaiton in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Fedral Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Four Bands Community Fund, Inc. it is not intended to and does not present the financial position, changes in net assets, or cash flows of Four Bands Community Fund, Inc.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The Organization had 8 subrecipients in 2024 and committed to fund $16,265,700 through 2027. The Organization paid $2,154,299 to subrecipients for the year ended December 31, 2024.
Title: NOTE E: EDA Revolving Loan Fund
Accounting Policies: NOTE A: Basis of Presentation - The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Four Bands Community Fund, Inc., under programs of the federal government for the year ended December 31, 2024. The informaiton in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Fedral Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Four Bands Community Fund, Inc. it is not intended to and does not present the financial position, changes in net assets, or cash flows of Four Bands Community Fund, Inc.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
Federal expenses recognized for CFDA # 11.307 grant 05-79-06243 represent $2,498 of RLF income used for administrative costs, administrative and subrecipient expenses incurred of $2,905,408 and a cash and investment balance of $557,283 as of December 31, 2024. This fund has an outstanding loan balance at December 31, 2024 of $2,726,814, of which 91.79% is federally funded.