Notes to SEFA
Title: Federal Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Jobs for Fall River, Inc. (the Organization) 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, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization. For the year ended June 30, 2022, no awards were passed through to sub recipients.
De Minimis Rate Used: N
Rate Explanation: 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. The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The federal loan programs listed below are administered directly by the Organization, and balances and transactions relating to these programs are included in the Organization's basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding as of June 30, 2022 consists of:ALN Number Program Name Outstanding June 30, 202259.046 Microloan Direct Loan $ 91,72759.008 Disaster Assistance Loans 150,000$ 241,727
Title: EDA Funded RLF Grants
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Jobs for Fall River, Inc. (the Organization) 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, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization. For the year ended June 30, 2022, no awards were passed through to sub recipients.
De Minimis Rate Used: N
Rate Explanation: 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. The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The balance of the Economic Adjustment Assistance federal expenditures as of June 30, 2022 were calculated as the following:Identifying Number01-7915004Loan outstanding at year end $ 895,024Cash balance at year end 93,171RLF income used for administration 147,416Loans written off during fiscal year -$ 1,135,611Federal share of the RLF (%) 100%$ 1,135,611