Notes to SEFA
Title: Note 1 – Basis of Presentation
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types or expenditures are not allowed or are limited as to reimbursement. Negative
amounts shown on the SEFA represent adjustments or credits made in the normal course of business
to amounts reported as expenditures in prior years.
The Fund has elected to use the 10-percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The Fund has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “SEFA”) includes the Federal
grant activity of ProsperUS Detroit Micro-Lending, under programs of the federal government for
the year December 31, 2024. 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. Because this schedule
presents only a selected portion of the operations of ProsperUS Detroit Micro-Lending, it is not
intended to and does not present the financial position, changes in net assets or cash flows of
ProsperUS Detroit Micro-Lending
Title: Note 2 – Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types or expenditures are not allowed or are limited as to reimbursement. Negative
amounts shown on the SEFA represent adjustments or credits made in the normal course of business
to amounts reported as expenditures in prior years.
The Fund has elected to use the 10-percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The Fund has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types or expenditures are not allowed or are limited as to reimbursement. Negative
amounts shown on the SEFA represent adjustments or credits made in the normal course of business
to amounts reported as expenditures in prior years.
The Fund has elected to use the 10-percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
Title: Note 3 – Sub-Recipients
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types or expenditures are not allowed or are limited as to reimbursement. Negative
amounts shown on the SEFA represent adjustments or credits made in the normal course of business
to amounts reported as expenditures in prior years.
The Fund has elected to use the 10-percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The Fund has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
ProsperUS Detroit Micro-Lending provided $362,577 in federal awards to sub-recipients during theyear ended December 31, 2024.
Title: Note 4 – Other Matters
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types or expenditures are not allowed or are limited as to reimbursement. Negative
amounts shown on the SEFA represent adjustments or credits made in the normal course of business
to amounts reported as expenditures in prior years.
The Fund has elected to use the 10-percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The Fund has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Amount of non – cash assistance
Non
Amount of insurance
Non
Amount of loans
Non
Amount of loan guarantees
Non