Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Providence Revolving Fund and Affiliate, under programs of the federal government for the year ended February 28, 2025. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Providence Revolving Fund and Affiliate, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Providence Revolving Fund and Affiliate
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Providence Revolving Fund and Affiliate has elected not to use the 10% de minimis cost rate as allowed under the Uniform Guidance.
Providence Revolving Fund and Affiliate received a direct loan under the federal program listed below during the year ended February 28, 2025 which is included in the Schedule. The balance of the loans outstanding at February 28, 2025 consists of: Program Name:Financial Institutions Assistance Listing: 21.020 Outstanding Balance at February 28, 2025 $235,000. Program Name: Financial Institutions Assistance Listing Number: 21.020 Outstanding Balance at February 28, 2025 $640,000