Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the expenditures on an accrual basis of California Community Reinvestment Corporation and Subsidiaries under programs of the federal government for the year ended September 30, 2025. The information in the Schedule is presented in accordance with the requirements of Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of the basic consolidated financial statements. For purposes of the Schedule, federal awards include all subawards to the Company by nonfederal organizations pursuant to federal grants, contracts and similar agreements.
The federal loan program listed in the Schedule is administered by the Company and balances and transactions relating to this program are included in the Company’s consolidated financial statements. Loans made during the year are included in the federal expenditures presented in the Schedule. During the year ended September 30, 2025, $59,301,802 was expended for the Community Development Financial Institutions Bond Guarantee Program (Federal Assistance Listing Number 21.014). As of September 30, 2025, the balance of loans outstanding under Bond Guarantee Program was $58,415,600.