Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Vital Healthcare Capital under programs of the federal government for the year ended December 31, 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 Vital Healthcare Capital, it is not intended to and does not present the financial position, changes in net assets or cash flows of Vital Healthcare Capital. 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 limited as to reimbursement.
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) ALN 21.024 balances outstanding at the end of the audit period were 1,369,699. Community Development Financial Institutions Empowerment Zone Program (CDFI EZP) (21.020) balances outstanding at the end of the audit period were 565,000.