The accompanying schedule of expenditures of federal awards includes the Federal grant activity of TruFund Financial Services, Inc. and Subsidiaries (TruFund) and is presented on the accrual basis. 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). Therefore, federal awards expended under loan programs are calculated by taking the value of new loans made during 2025; plus beginning outstanding balance of loans for which the federal government imposes continuing compliance requirements; plus interest subsidy, cash, or administrative cost allowance. Accordingly, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of TruFund’s 2025 consolidated financial statements. TruFund elected not to use the de minimis indirect cost rate for the year ended December 31, 2025 as permitted by the Uniform Guidance. Indirect costs are allocated to individual grants within the Schedule in accordance with contractual provisions of each grant.
According to the 2025 Compliance Supplement, federal awards for ALN 11.307 must be calculated as follows: Economic Adjustment Assistance: 1. Balance of RLF loans outstanding at the end of TruFund's fiscal year, plus - 3,975,366 2. Cash and investment balance in the RLF at the end of TruFund's fiscal year, plus - 4,395,944 3. Administrative expenses paid out of RLF income during TruFund's fiscal year, plus - 0 4. The unpaid principal of all loans written off during TruFund's fiscal year, and then multiply this sum (1+2+3+4) by - 520,609 5. The federal share of the RLF* - 85% 7,558,131 *The federal share is based on the average share for all awards.
TruFund reports program income when received in the accompanying schedule of expenditures of federal awards. The following programs reported program income: Project title Federal assistance listing number Amount received Economic Adjustment Assistance – EDA RLF Dallas - 11.307 - 43,834 Economic Adjustment Assistance – EDA RLF New York - 11.307 - 136,097 Economic Adjustment Assistance – EDA RLF Baton Rouge - 11.307 - 18,364 Community Development Financial Institution – Rapid Response National - 21.020 - 58,923 Community Development Financial Institution – National - 21.020 - 27,867 Community Development Financial Institution – ERP - 21.020 - 41,445 326,530
TruFund had the following loan balances outstanding at December 31, 2025: Project title Federal assistance listing number Balance Economic Adjustment Assistance – EDA RLF Dallas - 11.307 - 1,112,017 Economic Adjustment Assistance – EDA RLF New York - 11.307 - 1,807,295 Economic Adjustment Assistance – EDA RLF Baton Rouge - 11.307 - 402,361 Community Development Financial Institution – Rapid Response National - 21.020 - 742,070 Community Development Financial Institution – National - 21.020 - 817,220 Community Development Financial Institution – ERP - 21.020 - 466,147 5,347,110