Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: The accompanying consolidated schedule of expenditures of federal awards includes the federal expenditures activity of Chi Ishobak, Inc. and Subsidiary and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, 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: Indirect cost rate was not used.
The accompanying consolidated schedule of expenditures of federal awards includes the federal expenditures activity of Chi Ishobak, Inc. and Subsidiary and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, 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.
Title: NOTE 2 – PROGRAM INCOME
Accounting Policies: The accompanying consolidated schedule of expenditures of federal awards includes the federal expenditures activity of Chi Ishobak, Inc. and Subsidiary and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, 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: Indirect cost rate was not used.
During the year ended December 31, 2024, the Organizations generated program income of $234,825 from the Community Development Financial Institutions Fund Equitable Recovery Program (ALN 21.033). The program income was generated from interest and fees charged to eligible borrowers of loans issued by the Organizations under the program. The program income was used to offset allowable program costs in accordance with the grant agreement, as well as reinvest into the program for additional eligible activities.
Title: NOTE 3 – OTHER FEDERAL ASSISTANCE
Accounting Policies: The accompanying consolidated schedule of expenditures of federal awards includes the federal expenditures activity of Chi Ishobak, Inc. and Subsidiary and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, 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: Indirect cost rate was not used.
During the year ended December 31, 2024, the Organizations did not receive any other Federal assistance.
Title: NOTE 4 – LOANS AND LOAN GUARANTEES
Accounting Policies: The accompanying consolidated schedule of expenditures of federal awards includes the federal expenditures activity of Chi Ishobak, Inc. and Subsidiary and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, 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: Indirect cost rate was not used.
The Organizations had no outstanding federal loans or loan guarantees as of December 31, 2024, that required continuing compliance requirements.
Title: NOTE 5 – INDIRECT COST RATE
Accounting Policies: The accompanying consolidated schedule of expenditures of federal awards includes the federal expenditures activity of Chi Ishobak, Inc. and Subsidiary and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, 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: Indirect cost rate was not used.
The Organizations did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE 6 – RECONCILIATION TO CONSOLIDATED FINANCIAL STATEMENTS
Accounting Policies: The accompanying consolidated schedule of expenditures of federal awards includes the federal expenditures activity of Chi Ishobak, Inc. and Subsidiary and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, 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: Indirect cost rate was not used.
Total federal expenditures presented on the consolidated schedule of expenditures of federal awards of $1,115,699 agree with the federal revenue recognized in the Organizations’ consolidated financial statements, adjusted for accrued and unearned revenue as of December 31, 2024.