Notes to SEFA
The schedule of expenditures of federal awards has been prepared on an accrual basis. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and also presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations ("CFR") Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards for all new federal awards received on or after December 26, 2014, and for funding increments (additional funding on existing awards) with modified terms and conditions that are awarded on or after that date, and 0MB A-133 for federal awards made prior to December 26, 2014. Because the schedule of expenditures of federal awards presents only a selected portion of the operations of CRHDC, it is not intended to, and does not present, the consolidated financial position, consolidated changes in net assets, or consolidated cash flows of CRHDC. CRHDC has elected not to use a de minimis indirect cost rate as allowed under the Uniform Guidance. CRHDC utilizes a federally-approved indirect cost rate approved by its cognizant agency.
As of March 31, 2026, the outstanding balances of the intermediary re lending program and rural microentrepreneur assistance program loans were $885,926 and $23,741, respectively. Loan proceeds were recorded as contributions in the financial statements for the years ended March 31, 2010, 2011, 2013 and 2015 at the original amounts of $1,000,000, $175,000, $266,000 and $300,000, respectively.