The accompanying schedule of expenditures of Federal awards include the Federal grant activity of the Community Loan Fund of New Jersey, Inc. and Subsidiaries (the Organization) and is presented on the accrual basis. 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 (Federal Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the Organization’s 2025 consolidated financial statements.
The U.S. Department of Education (U.S. DOE) has awarded total grants of $16,150,000 to the Organization to credit enhance the loans made by financial institutions to stimulate the financing of charter schools. The grant funds are to remain invested in separate grant reserve accounts in accordance with the requirements of the grant. Such financial assistance is considered federal awards expended based on the amounts in the reserve accounts at the beginning of the grantee fiscal year; plus any funds drawn down plus investment earnings received in the grantee’s fiscal year to add to the reserve account; less any payments resulting from the credit enhancements provided. The reserve account balance as of September 30, 2025 is $19,156,940, consisting of the grant balance of $16,150,000 and accumulated net investment earnings of $3,006,940. As of September 30, 2025, $5,462,431 has been used to credit enhance loans to charter schools and outside organizations and $13,694,509 is available to use as credit enhancements in future years.
The Organization is responsible for certain aspects of the following loan and loan guarantee programs. HOME Investment Partnership Program (ALN 14.239) $2,951,541 Continuum of Care Program (ALN 14.267) $108,885 Neighborhood Enhancement Program (ALN 14.269) $215,325 Community Development Financial Institutions Bond Guarantee Program (ALN 21.014) $41,207,609 Credit Enhancement for Charter School Facilities (ALN 84.354A) $19,156,940 The Organization had the following loan and loan guarantee balances outstanding at September 30, 2025.The amounts on the schedule of expenditures of Federal awards represent the outstanding loan balance as of October 1, 2024 and new loans issued during fiscal year 2025.
During the year ended September 30, 2025, the Organization did not elect to use the de minimis indirect cost rate. The Organization elected to use its negotiated indirect cost rate.
The Organization did not pass any Federal funds to subrecipients.