Notes to SEFA
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of RIIF under programs of the federal government for the year ended December 31, 2025. The information in this Schedule is presented in accordance with the cost principles contained in 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 RIIF, it is not intended to and does not present the financial position, changes in net assets, or cash flows of RIIF.
Expenditures reported in 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. RIIF recognizes grants to the extent that eligible grant costs are incurred. RIIF has elected not to use the de minimis indirect cost rate allowed under the Uniform Guidance.
The amounts shown reflect loans made to eligible borrowers by the federal government. RIIF’s responsibility over these loans is to determine eligibility and act as the disbursing agent for the loans. Loans made to borrowers in the prior years, for which the federal government is still at risk, are held by RIIF. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. Total loans outstanding as of December 31, 2025 were as follows:
RIIF did not provide federal awards to subrecipients during the year ended December 31, 2025.
Below is a reconciliation of the loan receivable balances outstanding as of December 31, 2025.