Notes to SEFA
Title: Loans Outstanding
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of 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.Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. Craft3 has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal loans outstanding with continuing compliance requirements are considered as expenditures on the Schedule. These outstanding loan balances as of December 31, 2022 consist of: INTERMEDIARY RELENDING PROGRAM (10.767) - $4,706,827. COMMUNITY FACILITIES LOANS AND GRANTS (10.766) - $4,430,371. INTERMEDIARY LOAN PROGRAM (59.062) - Balances outstanding at the end of the audit period were $535,699.
Title: Clean Water State Revolving Funds Cluster
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of 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.Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. Craft3 has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Per the State of Washington's Budgeting, Accounting and Reporting System Manual and the Office of Management and Budget (OMB) Compliance Supplement, amounts included on the Schedule only include the project expenditures incurred. The following amount represents the outstanding loan balance as of December 31, 2022: CAPITALIZATION GRANTS FOR CLEAN WATER STATE REVOLVING FUNDS (66.458) - $14,427,765.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of 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.Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. Craft3 has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards ("the Schedule") includes the federal grant activity of Craft3 and Subsidiaries (Craft3) under programs of the federal government for the year ended December 31, 2022. The information in the 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 the Schedule presents only a selected portion of the operations of Craft3, it is not intended to and does not present the financial position, functional expenses, changes in net assets, or cash flows of Craft3.
Title: Pass-Through Payments to Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of 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.Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. Craft3 has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Craft3 did not have any payments to subrecipients for the year ended December 31, 2022.