Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Impact Development Fund (the "Fund") under programs of the Federal government for the year ended December 31, 2025. The information in this 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 Fund, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Fund.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to reimbursement. Pass_x0002_through entity identifying numbers are presented where available and applicable. Grant periods for certain grants included in this Schedule are different from the fiscal year of the Fund. Expenditures reported in the Schedule only include expenditures for the period of January 1, 2025 through December 31, 2025, which is the Fund's fiscal year.
The Fund has elected not to use the 15% de minimis indirect cost rate allowed under the Uniform Guidance.
The Schedule includes the value of new loans made or received during the year plus the beginning of the period balance of loans from previous years for which the Federal government imposes continuing compliance requirements. The balances of the loans for which continuing compliance was required amounted to $2,067,754 as of December 31, 2025.