Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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.
The Agency has two community facility loans payable to the U.S. Department of Agriculture (CFDA #10.766). 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 at September 30, 2022 consists of the following: Loan #97-09 $123,668 Loan #97-13 37,932
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal activity of FiveCAP, Inc. (FiveCAP) 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 FiveCAP, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows ofFiveCAP. Program grant revenues in the basic financial statements reconcile with this Schedule as follows: Year ended September 30, 2022Program grants per financial statements $ 4,412,568State grants re-payment 4,110Community facility loans 169,072Expenditures per Schedule of Expenditures of Federal Awards $ 4,585,750