Audit 363357

Title: Loans Outstanding Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of First American Capital Corporation, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements. De Minimis Rate Used: N Rate Explanation: The Organization has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Loans outstanding at the end of the year included $308,608 under the Small Business Administration Microloan Program (Assistance Listing #59.046), $781,271 under the Community Development Financial Institutions Native Initiatives Program (Assistance Listing #21.012), $57,544 under the Community Development Financial Institutions Program (Assistance Listing #21.020), and $416,545 under the Community Development Financial Institutions Rapid Response Program (Assistance Listing #21.024).