The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of Community Economic Development Fund Foundation, Inc. and Subsidiary (“the Foundation”) 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 this Schedule presents only a selected portion of the operations of the Foundation, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of the Foundation.
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 are limited as to reimbursement. For performance-based awards, expenditures reported represent amounts earned. The Foundation has not elected to use the 15 percent de minimis indirect cost rate allowed under the Uniform Guidance. The Foundation recovers its indirect costs using the negotiated indirect cost rate provided under Section 200.414 of the Uniform Guidance Part 200.
The Foundation participates in the Small Business Administration’s ("SBA") Microloan Program for small businesses. The Foundation borrows funds from the SBA for the purpose of making loans to eligible businesses within the State of Connecticut. The loans are limited to a maximum amount of $50,000 per loan and require the borrower to repay the Foundation on a monthly basis at interest rates set at the time of closing. As of December 31, 2025, the Foundation owed the SBA $2,999,036 under four separate borrowings: SBA Loan Number 8545465007, Issue Date: December 2016, Interest Rate 0.000%, Original Amount $750,000, Balance - Beginning of Year $137,591, Loan Proceeds -, Loan repayments (75,091), Balance - End of year $62,500 SBA Loan Number 9404388007, Issue Date: August 2020, Interest Rate 0.000%, Original Amount $1,250,000, Balance - Beginning of Year $788,276, Loan proceeds -, Loan repayments (138,590), Balance - End of Year $649,686 SBA Loan Number 3998809106, Issue Date: July 2022, Interest Rate 0.625%, Original Amount $1,250,000, Balance - Beginning of Year $1,138,401, Loan proceeds -, Loan repayments (78,870), Balance - End of Year $1,059,531 SBA Loan Number 6261259106, Issue Date: August 2024, Interest Rate 3.000%, Original Amount $1,250,000, Balance - Beginning of Year $750,000, Loan proceeds 500,000, Loan repayments (22,682), Balance - End of Year $1,227,318