Title: Loan/loan guarantee outstanding balances
Accounting Policies: 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 and/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: PPEP Microbusiness and Housing Development Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. PPEP Microbusiness and Housing Development Corporation has used the federally negotiated indirect cost rate of 18.71%.
MICROLOAN PROGRAM (59.046) - Balances outstanding at the end of the audit period were $494,444. INTERMEDIARY RELENDING PROGRAM (10.767) - Balances outstanding at the end of the audit period were $768,599. RURAL MICROENTREPRENEUR ASSISTANCE PROGRAM (10.870) - Balances outstanding at the end of the audit period were $51,054. Rural Rental Housing Loans - Balances outstanding at end of year were $936,482. Total = $2,250,579.
Title: Basis of preparation
Accounting Policies: 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 and/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: PPEP Microbusiness and Housing Development Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. PPEP Microbusiness and Housing Development Corporation has used the federally negotiated indirect cost rate of 18.71%.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of PPEP Microbusiness and Housing Development Corporation 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 PPEP Microbusiness and Housing Development Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of PPEP Microbusiness and Housing Development Corporation.
Title: Other contracts
Accounting Policies: 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 and/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: PPEP Microbusiness and Housing Development Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. PPEP Microbusiness and Housing Development Corporation has used the federally negotiated indirect cost rate of 18.71%.
In the event that the grantor was either unable to or did not confirm the source of federal funds all amounts were assumed to be federal for purposes of the schedule of expenditures of federal awards.
Title: Major Programs
Accounting Policies: 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 and/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: PPEP Microbusiness and Housing Development Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. PPEP Microbusiness and Housing Development Corporation has used the federally negotiated indirect cost rate of 18.71%.
Major programs are identified in the Summary of Auditor's Results section of the Schedule of Findings and Questioned Costs.
Title: Program Income
Accounting Policies: 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 and/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: PPEP Microbusiness and Housing Development Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. PPEP Microbusiness and Housing Development Corporation has used the federally negotiated indirect cost rate of 18.71%.
The Agency had program income from the following sources during the year ended June 30, 2022:Department of Agriculture - IRP - ALN #10.767 $20,363. Small Business Administration ALN #59.046 $32,130. Department of Agriculture RMAP ALN #10.870 $1,430. Total program income was $53,923.
Title: Reconciliation of schedule of expenditures of Federal awards to Statement o
Accounting Policies: 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 and/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: PPEP Microbusiness and Housing Development Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. PPEP Microbusiness and Housing Development Corporation has used the federally negotiated indirect cost rate of 18.71%.
Total Federal expenditures $3,924,383 Total Non-Federal expenditures SEFA $0 Total $3,924,383 Less: Loan balances and program income treated as income on SEFA (2,492,207) Plus: Current year EAA grant income received included in Note 7 $393,000 Less: EAA Fund See Note 7 $(669,991) Total governmental financial assistance Statement of Activities $1,155,185
Title: Classification of federal awards
Accounting Policies: 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 and/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: PPEP Microbusiness and Housing Development Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. PPEP Microbusiness and Housing Development Corporation has used the federally negotiated indirect cost rate of 18.71%.
For purposes of classifying federal awards as either Type A or Type B, the following ALN numbers were considered to be clusters: ?Economic Development Cluster Assistance Listing Numbers 11.300 and 11.307?Section 8 Project-Based Cluster Assistance Listing Numbers 14.182, 14.195, 14.249, 14.856
Title: Economic Adjustment Assistance ALN 11.307
Accounting Policies: 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 and/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: PPEP Microbusiness and Housing Development Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. PPEP Microbusiness and Housing Development Corporation has used the federally negotiated indirect cost rate of 18.71%.
The following data was utilized in order to determine the federal assistance amount for this program: Revolving Loan Fund (RLF) loans outstanding at June 30, 2022 $526,726, Cash in the RLF at June 30, 2022 $130,151, Administrative expenses paid from RLF income $13,114, Administrative expenses paid from EDA award funds $0, Unpaid principal balance of EDA loans written off during year $0. EDA Grant Funding to date $665,800. Match provided to date $0. The total amount of the RLF considered as federal assistance was $669,991 in the accompanying Schedule of Expenditures of Federal Awards.