Notes to SEFA
Title: Community Development Financial Institution Bond Guarantee Program
Accounting Policies: 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. Pass-through entity identifying numbers (contract or grant number) are presented where available.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are not allocated under the terms of the federal award. Therefore, the 10% de minimisindirect cost rate allowed under the Uniform Guidance is not applicable.
In September 2017, the Organization entered into a $30,000,000 financing arrangement with the Community Development Financial Institution (CDFI) Bond Guarantee Program through Opportunity Finance Network, a Qualified Issuer. Under this program, the Secretary of the Treasury provides a guarantee for the repayment of the full amount issued to support CDFIs that make investments for eligible community or economic development purposes for a period not to exceed 30 years. The total amount included in the schedule of expenditures of federal awards is the outstanding bond loan payable balance at July 1, 2021 of $2,748,814 plus the current year drawdowns of $8,400,000. The outstanding bond loan payable balance at June 30, 2022 is $10,800,102.
Title: Basis of Presentation
Accounting Policies: 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. Pass-through entity identifying numbers (contract or grant number) are presented where available.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are not allocated under the terms of the federal award. Therefore, the 10% de minimisindirect cost rate allowed under the Uniform Guidance is not applicable.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Florida Community Loan Fund, Inc. (the Organization) under programs of the federal government for the year ended June 30, 2022. 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 Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.