Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) include the federal grant activity of Community Enterprise Development Services (the “Organization”) under the 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 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 the Organization, it is not intended to, and does not, present the financial position, changes in net position, or cash flows of the Organization.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles obtained in OMB Circular A‐21, Cost Principles for Educational Institutions, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown in the Schedule represents adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass‐through entity identifying numbers are presented where available. The Organization has elected to use the 10‐percent de minimis (or 15‐percent de minimis) indirect cost rate allowed under the Uniform Guidance.
The expenditures as reported on the Schedule under the Microloan Program represents the beginning of the year loan balance of $2,502,090. During the year ended September 30, 2025, the Organization received new loan advances of $1,500,000. As of September 30, 2025, the Organization has outstanding loans payable of $3,672,600 to the U.S. Small Business Administration.