Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes federal grant activity of Micro Enterprise Services of Oregon 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 Micro Enterprise Services of Oregon, it is not intended to and does not present the financial position, changes in net assets or cash flows of Micro Enterprise Services of Oregon. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MICROLOAN PROGRAM (59.046) - Balances outstanding at the end of the audit period were 379927. RURAL MICROENTREPRENEUR ASSISTANCE PROGRAM (10.870) - Balances outstanding at the end of the audit period were 41872. COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS PROGRAM (21.020) - Balances outstanding at the end of the audit period were 916263. COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS RAPID RESPONSE PROGRAM (CDFI RRP) (21.024) - Balances outstanding at the end of the audit period were 803818.