Title: Credit Enhancement for Charter School Facilities
Accounting Policies: The accompanying schedules of expenditures of Federal and State of New Jersey awards include the Federal and State of New Jersey grant activity of the Community Loan Fund of New Jersey, Inc. and Subsidiaries (the Organization) and is presented on the accrual basis. The information in these schedules 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 (Federal Uniform Guidance) and New Jersey Office of Management and Budget Circular 15 08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the Organizations 2022 consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The U.S. Department of Education (U.S. DOE) has awarded total grants of $16,150,000 to the Organization to credit enhance the loans made by financial institutions to stimulate the financing of charter schools. The grant funds are to remain invested in separate grant reserve accounts in accordance with the requirements of the grant. Such financial assistance is considered federal awards expended based on the amounts in the reserve accounts at the beginning of the grantee fiscal year; plus any funds drawn down plus investment earnings received in the grantees fiscal year to add to the reserve account; less any payments resulting from the credit enhancements provided. The reserve account balance as of September 30, 2022 is $17,227,492, consisting of the grant balance of $16,150,000 and accumulated net investment earnings of $1,077,942.As of September 30, 2022, $2,140,881 has been used to credit enhance loans to charter schools and outside organizations and $15,086,611 is available to use as credit enhancements in future years.
Title: Loan and Loan Guarantee Programs
Accounting Policies: The accompanying schedules of expenditures of Federal and State of New Jersey awards include the Federal and State of New Jersey grant activity of the Community Loan Fund of New Jersey, Inc. and Subsidiaries (the Organization) and is presented on the accrual basis. The information in these schedules 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 (Federal Uniform Guidance) and New Jersey Office of Management and Budget Circular 15 08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the Organizations 2022 consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Organization is responsible for certain aspects of the following loan and loan guarantee programs. The Organization had the following loan and loan guarantee balances outstanding at September 30, 2022. HOME Investment Partnerships Program14.239 $3,691,638 Community Development Financial Institutions Bond Guarantee Program21.014 37,385,107 Energy Efficiency and Conservation Block Grant Program ARRA81.128 128,477 Credit Enhancement for Charter School Facilities84.354A 17,227,492 Total $58,432,714 The amounts on the schedule of expenditures of Federal awards and schedule of expenditures of State of New Jersey awards represent the outstanding loan balance as of October 1, 2021 and new loans issued during fiscal year 2022.
Title: Subrecipients
Accounting Policies: The accompanying schedules of expenditures of Federal and State of New Jersey awards include the Federal and State of New Jersey grant activity of the Community Loan Fund of New Jersey, Inc. and Subsidiaries (the Organization) and is presented on the accrual basis. The information in these schedules 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 (Federal Uniform Guidance) and New Jersey Office of Management and Budget Circular 15 08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the Organizations 2022 consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Organization did not pass any Federal funds to subrecipients. State of New Jersey funds were passed to subrecipients as included in the schedule of expenditures of State of New Jersey awards.