Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal grant transactions of Community Capital Development Corporation and Business Development Finance Corporation (collectively CCDC) recorded on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements imposed by the Single Audit Act and Subpart F of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differfrom amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
COMMUNITY DEVELOPMENT BLOCK GRANTS/ENTITLEMENT GRANTS (14.218) - Balances outstanding at the end of the audit period were 632973. COMMUNITY DEVELOPMENT BLOCK GRANTS/ENTITLEMENT GRANTS (14.218) - Balances outstanding at the end of the audit period were 18903. COMMUNITY DEVELOPMENT BLOCK GRANTS/ENTITLEMENT GRANTS (14.218) - Balances outstanding at the end of the audit period were 119616.
Title: LOAN ADMINISTRATION
Accounting Policies: BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal grant transactions of Community Capital Development Corporation and Business Development Finance Corporation (collectively CCDC) recorded on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements imposed by the Single Audit Act and Subpart F of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differfrom amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
CCDC services loans using federal grant awards that are passed through various local agencies. These loan amounts are not included on the statements of financial position, and statements of activities and changes in net assets. CCDC services the loans by collecting payments from borrowers, and either returns the monies to the local agencies or uses the funds to issue new loans and reduce the amounts requested on grant advances. CCDC is reimbursed for expenses related to loan processing and servicing.
Title: CALCULATION OF FEDERAL AWARDS EXPENDED
Accounting Policies: BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal grant transactions of Community Capital Development Corporation and Business Development Finance Corporation (collectively CCDC) recorded on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements imposed by the Single Audit Act and Subpart F of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differfrom amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Because the federal government and various local agencies are at risk for loans until the debts are repaid, the following guidelines are used to calculate the value of federal awards expended under loans programs:? The amount of new loans made during the fiscal year.? The beginning of the fiscal year balance of loans from previous years for which the federal government imposes continuing compliance requirements.? The balance in servicing bank accounts, which can be used to fund new loans and where continuing compliance requirements are imposed.? Any administrative cost allowance received.