Title: Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of AltCap (Corporation) 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 Requirement, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of operations of the Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of AltCap (Corporation) 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 Requirement, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of operations of the Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation.
Title: Additional audits
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of AltCap (Corporation) 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 Requirement, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of operations of the Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Grantor agencies reserve the right to conduct additional audits of the Corporation’s grant programs for economy, efficiency, and program results, which may result in disallowed costs to the Corporation. However, management does not believe such audits would result in any disallowed costs that would be material to the Corporation’s financial position at December 31, 2024.
Title: Outstanding Loan Balance
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of AltCap (Corporation) 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 Requirement, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of operations of the Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The federal loan programs listed below are administered directly by the Corporation, and balances and transactions relating to these programs are included in the Corporation’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 balance of loans outstanding at December 31, 2024 consists of: COVID-19 - Economic Adjustment Assistance (11.307) - Balance outstanding at the end of the audit period were 697,360. Community Development Financial Institutions Program (21.020) - Balance outstanding at the end of the audit period were 51,402. COVID-19 Community Development Financial Institutions Rapid Response Program (CDFIRRP) (21.024) - Balance outstanding at the end of the audit period were 204,168. CDFI Equitable Recovery Program (21.033) - Balance outstanding at the end of the audit period were 818,987.
Title: Revolving Loan Fund
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of AltCap (Corporation) 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 Requirement, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of operations of the Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
For the schedule of expenditures of federal awards (SEFA), the amount expended for the U.S. Department of Commerce COVID-19 - Economic Adjustment Assistance - Revolving Loan Fund (RLF) program is determined as follows: Balance of COVID-19 RLF loans outstanding at December 31, 2024 $597,360 Plus: cash and investment balances in the COVID-19 RLF at Decmeber 31, 2024 180,466 Plus: Administrative expenses paid out of COVID-19 RFL income during the year ended Decmeber 31, 2024 Plus: unpaid principal of all loans written off during the year ended Decmber 31, 2024 129,865 Subtotal 1,008,141 Federal share of the COVID-19 RFL 80% Total of the COVID-19 RLF for SEFA $806,513