Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes grant activity of BBIF Capital, Inc. (“BBIF”) for the year ended September 30, 2025. The information in this Schedule is presented in accordance with the requirements of OMB Compliance Supplement. 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 assets, or cash flows of the Organization. The Community Advantage Pilot Loan Program is a Small Business Administration, (“SBA”) SBA 7(a) loan guarantee program whereby the SBA, for specified fees, guarantees a percentage of the original value of loans underwritten under this program. Expenditures reflected in the schedule represent the gross value of the guaranteed percentage of loans underwritten under the program during the fiscal year ended September 30, 2025. The amounts expended under the ARRA Microloan Program represents the loan proceeds disbursed to BBIF by the SBA net of repayments of principal on the loans, at September 30, 2025. Community Development Financial Institutions Program provides funding to enhance recipient CDFI’s ability to provide loa
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained at Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
BBIF has elected to use 10% De Minimis cost rate.
BBIF did not receive any federal non-cash assistance for the fiscal year ended September 30, 2025.
The grant revenue amounts received are subject to audit and adjustments. If any expenditures are disallowed by a grantor agency as a result of such an audit, any claim for reimbursement to the grantor agencies will become a liability of the Organization. In the opinion of management, all grant expenditures are in compliance with the terms of the grant agreements and applicable federal and state laws and regulations.