Audit 41697

Title: Loans Outstanding Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Wisconsin Women's Business Initiative Corporation and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Administrative Requirements Cost Principles and Audit Requirements for Federal Awards. Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. De Minimis Rate Used: Y Rate Explanation: WWBIC has elected to use the 10% de minimis cost rate where funding is available for indirect costs. All indirect costs are allocated to programs based on allowable indirect cost allocation. Loans outstanding at the end of the year included $176,993 under the Rural Microentrepreneur Program (CFDA #10.870), $850,000 under the City of Milwaukee Community Development Block Grant Program (CFDA #14.218), $1,379,491 under the Small Business Administration Microloan Program (CFDA #59.046), and $1,820,823 under the Community Development Financial Institutions Program (CFDA #21.020).The loans under the City of Milwaukee Community Development Block Grant Program (CFDA #14.218) were omitted from the Schedule of Expenditures of Federal Awards for 2021. Loans issued in 2021 have been incorporated in the schedule for 2022.