Notes to SEFA
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of AltCap (Corporation) 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 Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation.
Expenditures reported on the accompanying Schedule are presented on the accrual basis of accounting and in conformity with accounting principles generally accepted in the United States of America. Such expenditures are recognized in accordance with 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, under which certain types of expenditures are not allowable or are limited as to reimbursement. The Corporation has elected not to use the 15% de minimis indirect cost rate allowed under the Uniform Guidance.
Grantor agencies reserve the right to conduct additional audits of the Corporation’s grant programs for economy, efficiency, and program results, which may result in disallowed costs to the Corporation. However, management does not believe such audits would result in any disallowed costs that would be material to the Corporation’s financial position at December 31, 2025.
The federal loan programs listed below are administered directly by the Corporation, and balances and transactions relating to these programs are included in the Corporation’s basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at December 31, 2025, consists of:
For the Schedule of Expenditures of Federal Awards (SEFA), the amount expended for the U.S. Department of Commerce COVID-19 - Economic Adjustment Assistance - Revolving Loan Fund (RLF) program is determined as follows: