Development Bank of American Samoa (DBAS) was established by the American Samoa Government (ASG) in 1969 and serves as a lending facility for the citizens of American Samoa through the following programs: • Direct Mortgage Loan Program • Home Investment Partnerships Program • Home Improvement Loan Program • Guaranteed Loan Program • Commercial Loan Program • Economic Development Revolving Loan Fund • American Samoa Government Special Project Loan Program • CDBG Decent Affordable Home Loan Program for the Most Needy • Community Service Block Grant • Community Development Block Grant • Line of Credit Program • Veteran’s Administration Home Improvement Loan Program • Student Loan Program • Grant in Lieu of Low-Income Housing Tax Credit
The Schedule of Expenditures of Federal Awards (the Schedule) is presented using the accrual basis of accounting, which is described in Note 1 to the basic financial statements of Development Bank of American Samoa (DBAS). Such expenditures are recognized following 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 expenses are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where applicable.
DBAS has elected not to use the de minimis indirect cost rate allowed under the Uniform Guidance.
DBAS, on behalf of the American Samoa Government, has been designated the responsibility of implementing and carrying out the objective of the HOME program. The purpose of the program is to provide no-cost or low-cost financing assistance to very low and low-income families. Under DBAS’s policies and procedures, HOME loan applicants that have been determined to be eligible for financial assistance are required to comply with the terms of the homeowner rehabilitation assistance including the DBAS affordability period and principal residency requirements. As of December 31, 2022, outstanding HOME loans with continuing compliance requirements amounted to $4,953,990 DBAS is the subrecipient of grants for Revolving Loan Funds (RLFs) under Federal Assistance Listing Number (ALN) Program 11.307 Economic Adjustment Assistance (EDA). For purposes of the Schedule of Expenditures of Federal Awards, the calculation of total expenditures as required in the OMB Compliance Supplement is as follows: Balance of RLF loans outstanding as of December 31, 2022 $ 605,403 Plus cash balances in the RLF as of December 31, 2022 1,076,459 Plus administrative expenses paid out of RLF income during 2022 35,575 Total RLF $ 1,717,437 Federal share of $600,000 1999 EDA RLF Grant $ 300,000 Federal share of $650,000 1995 EDA RLF Grant 300,000 Total federal share of EDA RLF Grants 600,000 Divided by total EDA RFL Grants Contributions 1,817,937 Total Share of RLF rate 33.00% Total Assistance Listing Number 11.307 EDA RLF Expenditures $ 566,754 As of December 31, 2022, outstanding RLF loans with continuing compliance requirements amounted to $483,016. The ending RLF loan balance was $605,403. Federal award expenditures include loan disbursements of $464,323. As of December 31, 2022, loan disbursements for the HOME program amounted to $416,160 and consisted of $6,401 and $409,759 from grant drawdowns and program income, respectively.
The following reconciles federal grant administrative expenses to the statement of revenues, expense and changes in net position during the year ended December 31, 2022. Reconciliation of Statement of Revenues, Expenses and Changes in Net Position to Administrative and Other Costs Charged During the Year Ended December 31, 2022 Operating expenses HOME Investment Partnerships Program $ 119,258 Economic Adjustment Assistance 35,575 DBAS MAOTA Loan Program 47,207 Technical Assistance Grant - TAP Grant 189,917 Federal grant administrative expenses 391,957 HOME Investment Partnerships Program entitlement drawdown 6,401 HOME loan disbursement using program income 409,759 Economic Adjustment Assistance loan disbursement using program income 48,163 Total loan disbursements 464,323 Balance included in loans receivable with continuing compliance requirement 4,953,990 Economic Adjustment Assistance Revolving Loan Fund 483,016 Total Federal Awards per above $ 6,293,286