Title: FEDERAL DISBURSEMENTS/EXPENSES, INTERMEDIARY RELENDING PROGRAM
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Corporation’s federal award program and has been prepared using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Company has not elected to use the de minimis ten percent indirect cost rate.
A reconciliation of federal disbursements/expenses is as follows:Beginning loan balance
Loans disbursed for the year ended $ 1,066,404
October 31, 20234 260,638
Income earned and expended on eligible administrative expenses
833
$ 1,327,875The total notes payable to the U S Department of Agriculture as of October 31, 2024 are $1,075,842.
Total loans receivable are $947,220 at October 31, 2024.
Title: FEDERAL DISBURSEMENTS/EXPENSES, CARES ACT REVOLVING LOAN FUND
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Corporation’s federal award program and has been prepared using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Company has not elected to use the de minimis ten percent indirect cost rate.
A reconciliation of federal disbursements/expenses is as follows:Balance of loans - October 31, 2024 $ 2,394,423
Cash balance - October 31, 2024 232,000
Income earned and expended on eligible administrative expenses
70,000
$ 2,696,423
Title: . FEDERAL DISBURSEMENTS/EXPENSES, COMMUNITY DEVELOPMENT BLOCK GRANT/ STATE’S PROGRAM
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Corporation’s federal award program and has been prepared using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Company has not elected to use the de minimis ten percent indirect cost rate.
A reconciliation of federal disbursements is as follows:Beginning loan balance
Loans disbursed for the year ended $ 273,403
October 31, 2024 -0-
Income earned and expended on administrative expenses eligible
10,467
$ 283,871 Total loans receivable are $261,971 at October 31, 2024.
Title: FEDERAL DISBURSEMENTS/EXPENSES, COMMUNITY DEVELOPMENT FINANCIAL INSTITUIONS FUND
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Corporation’s federal award program and has been prepared using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Company has not elected to use the de minimis ten percent indirect cost rate.
A reconciliation of federal disbursements/expenses is as follows: Beginning loan balance
Loans disbursed for the year
ended $ 211,071
October 31, 2022
-0-
Income earned and expended on administrative expensesexpenses
11,139
$ 222,210 Total loans receivable are $204,325 at October 31, 2024
Title: SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Corporation’s federal award program and has been prepared using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Company has not elected to use the de minimis ten percent indirect cost rate.
No awards were passed through to subrecipients.