Title: Loan/loan guarantee outstanding balances
Accounting Policies: Note 1 Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (the SEFA) includes the Federal award activity of Detroit Development Fund under programs of the federal government for the year December 31, 2022. The information in this schedule is 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 (Uniform Guidance). Because this schedule presents only a selected portion of the operations of Detroit Development Fund, it is not intended to and does not present the financial position, changes in net assets or cash flows of Detroit Development Fund.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS RAPID RESPONSE PROGRAM (CDFI RRP) (21.024) - Balances outstanding at the end of the audit period were 1652125.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: Note 1 Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (the SEFA) includes the Federal award activity of Detroit Development Fund under programs of the federal government for the year December 31, 2022. The information in this schedule is 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 (Uniform Guidance). Because this schedule presents only a selected portion of the operations of Detroit Development Fund, it is not intended to and does not present the financial position, changes in net assets or cash flows of Detroit Development Fund.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported on the SEFA are reported on the accrual basis on 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. Negative amounts shown on the SEFA represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: Note 3 Sub Receipts
Accounting Policies: Note 1 Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (the SEFA) includes the Federal award activity of Detroit Development Fund under programs of the federal government for the year December 31, 2022. The information in this schedule is 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 (Uniform Guidance). Because this schedule presents only a selected portion of the operations of Detroit Development Fund, it is not intended to and does not present the financial position, changes in net assets or cash flows of Detroit Development Fund.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Detroit Development fund did not provide any federal awards to sub-receipts during the year ended December 31, 2022.
Title: Note 4 Other Matters
Accounting Policies: Note 1 Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (the SEFA) includes the Federal award activity of Detroit Development Fund under programs of the federal government for the year December 31, 2022. The information in this schedule is 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 (Uniform Guidance). Because this schedule presents only a selected portion of the operations of Detroit Development Fund, it is not intended to and does not present the financial position, changes in net assets or cash flows of Detroit Development Fund.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Amount of non-cash assistanceNoneAmount of insuranceNoneAmount of loans$1,652,125Amount of loan guaranteesNone
Title: Note 5 Non-Cash Awards
Accounting Policies: Note 1 Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (the SEFA) includes the Federal award activity of Detroit Development Fund under programs of the federal government for the year December 31, 2022. The information in this schedule is 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 (Uniform Guidance). Because this schedule presents only a selected portion of the operations of Detroit Development Fund, it is not intended to and does not present the financial position, changes in net assets or cash flows of Detroit Development Fund.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Detroit Development Fund did not receive any Federal loans, non-cash awards or insurance assistance for reimbursement of losses during the year ended December 31, 2022.