Notes to SEFA
The Organization did not pass through any federal awards to subrecipients during the year ended September 30, 2024.
The Organization has loans from the U.S. Small Business Administration (SBA) for the purpose of relending as Microloans to eligible business, as well as a grant for training and technical assistance for Microloan borrowers. For the SBA Microloan Program, the amounts reflected as federal expenditures represent loan balances payable to the SBA as of October 1, 2023, loans received during the fiscal year, and grant expenditures incurred during the fiscal year. The outstanding loan payable balance under the SBA Microloan Program as of September 30, 2024, was $1,801,462.
The previously issued schedule of expenditures of federal awards improperly included two additional federal programs, Community Advantage 7(A) and 504 Certified Development loan programs which are not subject to the audit requirements under 2 CFR Part 200 Subpart F and excluded $1,000,000 Microloan disbursement that should have been included under 2 CFR Part 200.502(b).The schedule of expenditures of federal awards has been restated to exclude those programs.