Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: This schedule of expenditures of federal awards includes the federal program activity of FORGE, Inc. and is presented 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.Intermediary Relending Program and Microloan Program Direct Loans are included in this schedule at the amount of any new loans plus the balance of the unpaid balance as of September 30, 2021, of the loans from prior years for which the Federal Government imposes continuing compliance requirements.The total outstanding loan balances as of September 30, 2022 for federal awards totaled $3,050,729.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
INTERMEDIARY RELENDING PROGRAM (10.767) - Balances outstanding at the end of the audit period were 223251. MICROLOAN PROGRAM (59.046) - Balances outstanding at the end of the audit period were 2827479.
Title: Basis of Presentation
Accounting Policies: This schedule of expenditures of federal awards includes the federal program activity of FORGE, Inc. and is presented 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.Intermediary Relending Program and Microloan Program Direct Loans are included in this schedule at the amount of any new loans plus the balance of the unpaid balance as of September 30, 2021, of the loans from prior years for which the Federal Government imposes continuing compliance requirements.The total outstanding loan balances as of September 30, 2022 for federal awards totaled $3,050,729.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of FORGE, Inc. under programs of the federal government for the year ended September 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 FORGE, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.