Notes to SEFA
Title: Loans and Loan Guarantees
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Full Access & Coordinated Transportation, Inc. under programs of the Federal Government for the year ended June 30, 2022. 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). Because the Schedule presents only a selected portion of the operations of Full Access & Coordinated Transportation, Inc, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Full Access & Coordinated Transportation, Inc.Expenditures in 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
On July 27, 2020, FACT received a forgivable loan in the amount of $111,300, under the Paycheck Protection Program (PPP). The loan is being serviced through Bank of America. The loan matures on July 26, 2025 and bears an interest rate of 1%.During the 2021 fiscal year FACT met forgiveness conditions for a portion of the PPP loan in the amount of $44,520 which was recorded as grant revenue. As of June 30, 2022, the remaining PPP loan payable is $49,053, to be paid over the next three years in monthly payments of $1,348.