The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of the Coalition for Green Capital (“CGC” or “the Organization”) 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 CGC, it is not intended to and does not present the financial position, changes in net assets or cash flows of the CGC.
Expenditures reported on the Schedule are reported on the accrual basis of accounting, except for the loan balances and subaward advances discussed below. 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.
CGC has elected to use the de minimis indirect cost rate allowed under the Uniform Guidance. The de minimis rate applied was 15% for the period from December 19, 2024 through December 31, 2025.
The Schedule includes $1,884,524,329 that was disbursed to 19 subrecipients in the form of subaward advances. Of that amount, $215,396,956 has been expended by the subrecipients as of December 31, 2025.
Expenditures reported on this Schedule include $33,149,537 of allowable subrecipient pre-award costs incurred during the prior fiscal period that fall within the federal award’s period of performance. These costs were not reported as federal expenditures in the prior year because the related subrecipient agreement had not yet been executed as of that fiscal period-end. The NCIF award explicitly allows pre-award costs for subrecipients, if certain criteria are met.
The Schedule includes $370,000,000 of new loans issued during the year. There were no outstanding loans receivable at the beginning of the period that are required to be included in the Schedule due to continuing compliance requirements. As of December 31, 2025, outstanding loan principal, inclusive of capitalized paid-in-kind (PIK) interest, as reported in the financial statements within Notes Receivable, totaled approximately $360,503,030. PIK interest increases the outstanding loan balance through capitalization but does not represent an additional disbursement of federal funds and, accordingly, is not included in federal expenditures reported on the Schedule. Other accrued loan interest is reported separately in the financial statements.