The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of MBC under programs of the federal government for the year ended December 31, 2025. The information in this Schedule is presented on the accrual basis of accounting and in accordance with the requirements of the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of MBC, it is not intended to and does not present the financial position or changes in net position of MBC.
Expenditures are recognized following the cost principles contained in 2 CFR Part 200, Cost Principles for Nonprofit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Matching costs, i.e., the non-federal share of certain program costs, are not included in the Schedule.
MBC has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
MBC had the following loan receivable balances outstanding at December 31, 2025. These loan receivable balances outstanding are also included in the federal expenditures presented in the Schedule. EDA 1 EDA 2 Federal Assistance Outstanding Balance Outstanding Balance Program Title Listing Number at December 31, 2025 at December 31, 2025 EDA Revolving Loan Fund 11.307 $ 1,830,299 $ 1,259,639 The calculation of federal funds expended for the EDA Revolving Loan Fund as reported in the Schedule is as follows: EDA 1 EDA 2 Revolving Loan Fund (RLF) Principal Outstanding $ 1,830,299 $ 1,259,639 Cash Balances in the RLF 482,750 375,196 Administrative Expenses Paid from RLF Income 205 6,129 Unpaid Principal of all Loans Written Off - 152,267 2,313,254 1,793,231 Federal Share of the RLF 50.00% 100.00% Total Federal Expenditures $ 1,156,627 $ 1,793,231
Other federal loan balances outstanding as of December 31, 2025 are as follows: Microloan Program $ 2,163,551 U.S. Department of Agriculture Intermediary Relending Program (IRP) Small Business Loans $ 1,044,585 U.S. Department of Agriculture Rural Microentrepeneur Assistance Program (RMAP) $ 486,462