Virginia Small Business Financing Authority: Management's Financial Statements, Fiscal Years 2019 and 2020
Summary
Management's Financial Statements and Supplementary Information of the Virginia Small Business Financing Authority (VSBFA), a component unit of the Commonwealth of Virginia, for the fiscal years ending June 30, 2019 and 2020 (unaudited). The statements say they have not been prepared or audited by a certified public accountant and do not meet all Governmental Accounting Standards Board (GASB) requirements. The text explains that the SSBCI Cash Collateral Program and the State Cash Collateral Program use reserve accounts owned by the Authority at participating banks to support specific loans. The contents list financial highlights, a description of net assets and notes to financials, and the document ends with a Trial Balance Report By GL Code.
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VIRGINIA SMALL BUSINESS FINANCING AUTHORITY
(A Component Unit of the Commonwealth of Virginia)
Management’s Financial Statements and Supplementary Information
for the Fiscal Years ending June 30, 2019 and 2020
(Unaudited)
VIRGINIA SMALL BUSINESS FINANCING AUTHORITY
Table of Contents
Page
Management’s Preparation and Presentation
Of Unaudited Financial Statements 3
Management’s Discussion and Analysis
Financial Highlights 2019 and 2020 4-6
Financial Highlights 2018 and 2019 6-7
Basic Financial Statements:
Description of Net Assets 8-9
Statements of Revenues, Expenses and Changes in Net Assets 10
Notes to Financials 11- 15
VSBFA2020Financial Statements and Management Discussion
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VIRGINIA SMALL BUSINESS FINANCING AUTHORITY
Management’s Financial Statements
For the Fiscal Years ending June 30, 2019 and 2020
(Unaudited)
Management’s Responsibility for the Financial Statements
The financial statements, management discussion and notes which follow herein have not been prepared or audited by a
certified public accountant. The management of the Virginia Small Business Financing Authority (“VSBFA” or the
“Authority”) is responsible for the preparation and presentation of these financial statements, management discussion and
notes which follow and for the implementation and maintenance of internal controls relating to the preparation and fair
presentation of financial statements which are free from material misstatement, whether due to fraud or error.
In management’s opinion, the financial statements, management discussion and notes presented herein present fairly, in
all material respects, the financial position of the Virginia Small Business Financing Authority as of June 30, 2019 and June
30, 2020, and the changes in net position from the 2019 fiscal year-end to the 2020 fiscal year-end.
Non-GASB Compliant Financial Statements
These statements have been prepared with generally accepted accounting principles in mind; however, these statements
do not meet all U.S. Governmental Accounting Standards Board (GASB) requirements and therefore cannot be considered
to be fully compliant with GASB.
GASB 70 and Significant Reporting Methodology
• The Authority’s SSBCI Cash Collateral Program and the State Cash Collateral Program (collectively referred to here
as “CCP”) utilize reserve accounts owned by the Authority and established at participating banks. VSBFA commits
these reserve account funds for the support of specific loans for a specified period of time and up to a specified
maximum amount. In the event of a loss on a defaulted CCP enrolled loan, the participating bank may – after
liquidation of its primary collateral and completion of its collection efforts - file a claim with the Authority to
request that the related CCP deposit be utilized to offset the bank’s deficiency loss (or a portion thereof.)
• Funds held in CCP Reserve Accounts are recognized as Restricted Assets and in accordance with GASB 70, the
Authority does not record a liability and related expense against these CCP Reserve Accounts (Restricted Assets)
unless there is a greater than 50% chance that the Authority will be required to make a future payment related
to support provided under the Cash Collateral Program. In accordance with GASB 70 and in anticipation of
potential claims on two loans supported through the SSBCI Cash Collateral Program, the Authority has, as of June
30, 2020, recorded a Restricted Liability of $363,254 against the SSBCI Cash Collateral Program reserve accounts,
which are reflected as Restricted Assets on the Authority’s balance sheet.
• The Virginia Department of Accounts and the Virginia Auditor of Public Accounts have determined that the CCP
reserves provided under the Cash Collateral Program constitute a non-exchange financial guarantee under the
Governmental Accounting Standards Board (GASB) Statement No. 70. As defined by GASB 70, a non-exchange
financial guaranty is typically provided by a government for the obligations of a private entity, not-for-profit
organization or an individual, and the government providing the guarantee or support has not directly received
equal or approximately equal value in exchange for that guarantee or support.
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VIRGINIA SMALL BUSNESS FINANCING AUTHORITY
Management’s Discussion and Analysis
For the Fiscal Years ending June 30, 2019 and 2020
This section of the Virginia Small Business Financing Authority’s (the “Authority”) annual financial report presents
management’s discussion and analysis of the Authority’s financial performance during the fiscal years that ended June 30,
2019 and June 30, 2020. Please read the information below in conjunction with the Authority’s financial statements, which
follow this section. The annual financial report consists of three parts, management’s discussion and analysis, the basic
financial statements and the notes to the financial statements.
FINANCIAL HIGHLIGHTS
The following information represents a comparative analysis of key financial aspects of the Authority’s operations between
the fiscal years ended June 30, 2019 and June 30, 2020.
• Usage of the Authority’s programs was significantly impacted by the COVID-19 pandemic in Fiscal 2020. Community
financial institutions and economic development authorities from which we originate Cash Collateral, Loan Guaranty
and Economic Development Loan Fund referrals were preoccupied with the challenges that they and their clients were
facing from COVID-19. Following the COVID-19 outbreak, the majority of direct loan requests under the Microloan
and Childcare Financing programs were related to emergency loan assistance due to COVID-19, a purpose for which
these programs were not designed. As a result, VSBFA’s staff spent considerable time consulting with Virginia small
businesses about their potential financing options and directed many requests relating to COVID-19 emergency
assistance to the U.S. Small Business Administration’s Payroll Protection Program and the Emergency Injury Disaster
Loan Programs.
• To assist our existing direct loan borrowers, we offered deferments of principal and interest for six months and
extended loan maturities for six months for all direct borrowers in our Microloan, Childcare and Economic
Development Loan Financing Programs. We also consented to modifications in the terms our bank partners were
offering their small business customers on loans for which we provide credit enhancements through our Cash
Collateral or Loan Guaranty Programs. New borrowers in our Childcare Financing program were offered loans with
zero percent interest and rates on our existing loans to childcare centers and family home providers were reduced
to zero percent for the remainder of the loan term.
• Fiscal 2020 operating revenues for the Authority fell slightly, by 5%, from $1,732,445 in Fiscal 2019 to $1,647,158
in Fiscal 2020. The Authority’s operating revenues are derived from interest income on direct loans, application and
program fees, and from annual bond fees collected on outstanding bond issuances. Fees collected on the Authority’s
bond issuances fluctuate from year to year based on the activity within the Authority’s various bond programs,
conditions within the U.S. capital markets and Internal Revenue Service (IRS) regulations. Under a March 2012
Memorandum of Understanding, VSBFA shares 40% of its bond fee revenue from non-profit bond issuances with
those localities where the non-profit bond project is located.
• Operating expenses for the Authority increased from $1,129,674 in Fiscal 2019 to $1,598,248 in Fiscal 2020. Fiscal
2020 operating expenses included $644,219 in payroll and related expenses and rent expense of $37,380 paid to the
Virginia Department of Small Business and Supplier Diversity (“SBSD.”) At this time, the Authority does not have a
formal written agreement governing rent with SBSD. Annual rent paid is based upon the number of VSBFA
employees in the Richmond office.
• Expenses relating to direct loan charge-offs improved during the year, falling 55% from $34,548 in Fiscal 2019 in
$15,575 in Fiscal 2020. During Fiscal 2019 and Fiscal 2020, direct loan charge-offs were exclusively related to the
SWaM Microloan Program. Inception-to-date losses in the SWaM Microloan Program continue to be approximately
3% - an excellent track record for a direct loan program of its kind.
• Operating expenses for Fiscal 2020 include a $363,254 expense for anticipated future claims under the SSBCI Cash
Collateral Program. This amount reflects the aggregate SSBCI Cash Collateral Program support amount as of June 30,
2020 for two loans supported through the program where the Authority anticipates that there is a likelihood of
greater than 50% that a future claim will be filed by the originating lender and paid by the Authority. This amount
VSBFA2020Financial Statements and Management Discussion
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has also been recorded as Restricted Liability against the SSBCI Cash Collateral Program Reserve Account balances,
which are shown as Restricted Assets on the Authority’s balance sheet.
• Non-operating revenues for the Authority are derived from interest income on cash balances. During Fiscal 2020,
non-operating interest income fell from $759,239 in Fiscal 2019 to $546,083 in Fiscal 2020. This reduction was due
to lower cash balances in the federal funded Economic Development Loan Fund program which resulted from an
increase in cash disbursements related to those direct loans.
• Reserve Accounts for the SSBCI Cash Collateral Program, State Cash Collateral Program, SSBCI Capital Access Program,
Virginia Capital Access Program and Tobacco Capital Access Program are classified as Restricted Assets on the
Authority’s balance sheet. Total Restricted Assets as of June 30, 2020 were $7,815,189 compared with $10,719,172
as of June 30, 2019.
• Turnover and vacancies in the Authority’s lending staff were a contributing factor to a decline in the overall usage in
the SSBCI Cash Collateral Program during Fiscal 2020. Usage of the Authority’s CCP program was also impacted in
the fourth quarter of the fiscal year by the general economic uncertainties related to COVID-19 which resulted in a
reluctance of commercial banks . During the fourth quarter, the majority of the Authority’s partner banks refocused
their lending efforts to the U.S. Small Business Administration’s (SBA) Paycheck Protection Program (PPP), which was
created in late March 2020 by the U.S. Coronavirus Aid, Relief, and Economic Security Act (CARES). The program
provided a 100% SBA guaranty on bank loans to qualified small businesses which experienced economic hardship
as a result of the COVID-19 pandemic. Assuming that the small business met SBA employee retention criteria, a
portion of the SBA-guaranteed loan was eligible to be forgiven.
• Distributions of support under the Authority’s SSBCI Cash Collateral Program (SSBCI CCP) continued to decline for
the fourth consecutive year. New SSBCI CCP distributions of support were $250,000 in Fiscal 2020. Total Reserve
Accounts, which are considered Restricted Assets and which are held in conjunction with the SSBCI Cash Collateral
Program, aggregated $6,349,975 as of June 30, 2020 compared with $9,153,797 as of June 30, 2019, and $11,623,830
as of June 30, 2018. This represented a net decrease of $2,803,822, or 31%, from Fiscal 2019 to Fiscal 2020 and 45%
reduction from Fiscal 2018 to Fiscal 2020. From year to year, the aggregate amount of SSBCI CCP Reserve Accounts
are impacted by “clawbacks,” or withdrawals from the reserve accounts which are made at least annually to adjust
VSBFA’s cash collateral support to the reduced principal balance of the SSBCI CCP supported loans.
• There were no SSBCI Cash Collateral Program claims paid in Fiscal 2020; however, as noted previously, the Authority
did record an expense of $363,254 for two SSBCI CCP supported loans where VSBFA anticipates future claims are
likely to be paid.
• Reserve accounts associated with the Authority’s State Cash Collateral Program (State CCP) were $764,330 as of June
30, 2020 and were essentially unchanged from the previous fiscal year end. Program support for one of the two
remaining State CCP loans has subsequently expired and been returned to the Authority’s operating account. Support
for the remaining State CCP loan will continue until late Fiscal 2021 when that support will be withdrawn from the
remaining State CCP Reserve account. At that time, the Authority will permanently close the State Cash Collateral
Program.
• Reserve Accounts for the SSBCI Capital Access Program declined 15% from $363,649 as of June 30, 2019 to $307,551
as of June 30, 2020, as a result of two claims paid from the reserve accounts (see also below) and an overall decline
in the usage of the program. During Fiscal 2020, the Authority distributed $1,725 in matching reserve account
contributions to participating SSBCI Capital Access Program banks to provide credit support for new enrolled loans.
This compared with distributions of $4,005 during Fiscal 2019.
• During Fiscal 2020, the SSBCI Capital Access Program paid two SSBCI CAP claims of $59,395 compared with one SSBCI
CAP claim paid during Fiscal 2019 for $48,807. SSBCI CAP claim payments are paid from amounts held in SSBCI CAP
Reserve Accounts. Because the Authority’s contributions to these SSBCI CAP Reserve Accounts have been previously
expensed during the year the participating lender enrolled the loan, no additional expense for these claims is
recorded.
• Although the Authority’s Tobacco Capital Access Program (“TCAP”) and the Virginia Capital Access Program (“VCAP”)
were both discontinued in 2016 and are no longer accepting new loan enrollments, both programs continue to
support outstanding loans previously enrolled by banks formerly participating in the programs. Total TCAP Reserve
Accounts aggregated $258,986 as of June 30, 2020 and total VCAP Reserve Accounts aggregated $134,347 at the same
date. Based on the existing maturities of loans enrolled under these discontinued programs, the Authority estimates
VSBFA2020Financial Statements and Management Discussion
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its VCAP and TCAP Reserve Account obligations may extend for as much as an additional seven years, unless the
existing reserves under these programs are exhausted prior to that time through the payment of claims.
• Outstanding direct loans for the Authority, before Allowance for Doubtful Accounts, increased 75% from $7,211,122
as of June 30, 2019, to $12,650,312 as of June 30, 2020. The increase was primarily attributable to disbursements
under loan commitments extended during Fiscal 2019 under the Authority’s federally funded Economic Development
Loan Fund Program. Outstanding direct loan commitments of $2,611,564 – across all VSBFA direct loan programs -
as of June 30, 2020 fell by 57% compared with outstanding direct loan commitments of $6,057,632 as of June 30,
2019.
• During Fiscal 2020, the Authority collected the final amount due under the last outstanding loan originated in the
Environmental Compliance Assistance Fund (ECAF) Program. The remaining cash of $44,287 in the program, related
to collections of principal and interest on the final loan - was transferred back to the Virginia Department of
Environmental Quality (DEQ) in May 2020. As of June 30, 2020, there was $46 in interest paid on cash after the close
of the fourth quarter which remained to be transferred back to DEQ.
• In July 2019, the Authority’s Executive Director left the Authority after a one-year tenure. The position was vacant
until October 2019 when the Authority’s current Executive Director assumed the position.
Management’s Discussion and Analysis
For the Fiscal Years ending June 30, 2019 and 2018
This section of the Virginia Small Business Financing Authority’s (the “Authority”) annual financial report presents
management’s discussion and analysis of the Authority’s financial performance during the fiscal years that ended June 30,
2018 and June 30, 2019. Please read the information below in conjunction with the Authority’s financial statements, which
follow this section. The annual financial report consists of three parts, management’s discussion and analysis, the basic
financial statements and the notes to the financial statements.
FINANCIAL HIGHLIGHTS
The following information represents a comparative analysis of key financial aspects of the Authority’s operations between
the fiscal years ended June 30, 2018 and June 30, 2019.
• Usage of the Authority’s programs in Fiscal 2019 was impacted by a continuing vacancy in one of the Authority’s
three lending positions, by the consolidations occurring within the Virginia banking community and by the general
strength of the Virginia economy. Demand for the Authority’s various bank participation programs is countercyclical
and is generally less robust when the economy is strong.
• Operating revenues for the Authority increased 34% from $1,291,838 in Fiscal 2018 to $1,732,445 in Fiscal 2019.
The Authority’s operating revenues are derived from interest income on direct loans, program and application fees,
and bond fees collected on outstanding bond issuances. Revenues related to the Authority’s bond issuances fluctuate
from year to year based on the activity within the Authority’s various bond programs and based on conditions within
the U.S. capital markets and Internal Revenue Service (IRS) bond regulations. Under a March 2012 Memorandum of
Understanding, VSBFA shares 40% of its bond fee revenue from non-profit bond issuances with those localities
where the non-profit bond project is located.
• Total operating expenses decreased slightly, by 5%, from $1,197,773 in Fiscal 2018 to $1,129,674 in Fiscal 2019.
Fiscal 2019 operating expenses included rent of $34,272 paid to the Virginia Department of Small Business and
Supplier Diversity (“SBSD.”) This compares to $27,788 of rent paid to SBSD in Fiscal 2018. At this time, the Authority
does not have a formal written agreement governing rent with SBSD; however, the amount of annual rent paid is
based upon the number of Authority employees in the Richmond office.
• Expenses relating to direct loan charge-offs improved during the year, falling from $114,228 in Fiscal 2018 to $34,548
in Fiscal 2019. Net direct loan charge-offs were further reduced in Fiscal 2019 by $40,079 in direct loan recoveries.
During Fiscal 2019, direct loan charge-offs were exclusively related to the SWaM Microloan Program. Inception-to-
date losses in the SWaM Microloan Program are approximately 3% - an excellent track record for a program of its
kind.
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• The Authority’s non-operating revenues from interest income increased from $385,618 in Fiscal 2018 to $759,239
in Fiscal 2019. This increase was due in part to the Authority’s efforts to maintain lower cash balances in its
operating accounts while maximizing amounts maintained in its investment accounts. Increased interest income
during Fiscal 2019 was also the result of the elimination of the Authority’s requirement to sequester excess federal
funds associated with its Economic Development Loan Fund Program.
• Reserve Accounts for the SSBCI Cash Collateral Program, State Cash Collateral Program, SSBCI Capital Access Program,
Virginia Capital Access Program and Tobacco Capital Access Program are classified as Restricted Assets on the
Authority’s balance sheet. Total Restricted Assets as of June 30, 2019 were $10,719,172 compared with $13,588,530
as of June 30, 2018.
• During Fiscal 2019, new distributions of support under the Authority’s SSBCI Cash Collateral Program (SSBCI CCP)
declined for the third consecutive year and were 50% less than distributions in Fiscal 2018. Total Reserve Accounts
held in conjunction with the SSBCI Cash Collateral Program aggregated $9,153,797 as of June 30, 2019, compared
with SSBCI CCP Reserves of $11,623,830 as of June 30, 2018. This represented a net decrease of $2,470,033, or 21%,
from Fiscal 2018 to Fiscal 2019. This net reduction in the SSBCI Cash Collateral Program Reserve Accounts was
primarily due to “clawbacks,” or withdrawals, from the reserve accounts which are made at least annually to adjust
the cash collateral support to the principal balance of the SSBCI CCP supported loans. During Fiscal 2019, the
Authority paid one SSBCI Cash Collateral Program claim of $81,147 to a participating lender in the program.
• Bank participation in the SSBCI Cash Collateral Program continued to decline during Fiscal 2019, in part due to the
continuing consolidation within Virginia community and regional banks. As of June 30, 2019, there were 18 banks
with active enrollments in the Cash Collateral Program, compared with 29 banks as of the 2018 fiscal year-end.
• Reserve accounts associated with the Authority’s State Cash Collateral Program (State CCP) declined in Fiscal 2019
from $969,900 as of June 30, 2018 to $763,976 as June 30, 2019. The Authority does not intend to pursue future
enrollments for this program and consequently, the reduction in these State CCP reserve accounts will continue as
the remaining enrolled loans are repaid in full or reach the maximum support term.
• Outstanding direct loans for the Authority declined slightly from $7,740,850 as of June 30, 2018 to $7,211,122 as of
June 30, 2019, a decrease of 6%. Outstanding direct loan commitments as of June 30, 2019 were $6,057,632
compared with outstanding direct loan commitments of $6,305,000 as of June 30, 2018.
• Reserve Accounts for the SSBCI Capital Access Program declined from $389,841 as of June 30, 2018 to $363,649 as of
June 30, 2019. During Fiscal 2019, the Authority distributed $4,005 in matching reserve account contributions to
participating SSBCI Capital Access Program banks to provide credit support for new enrolled loans. This compared
with distributions of $10,514 during Fiscal 2018. During Fiscal 2019, the SSBCI Capital Access Program paid one SSBCI
CAP claim of $48,807, compared with three SSBCI CAP claims totaling $180,630 paid in Fiscal 2018. SSBCI CAP claim
payments are paid from existing SSBCI CAP Reserve Accounts (where the Authority’s contributions have previously
been expensed) and consequently, no additional expense for these claims is shown on the Fiscal 2018 or Fiscal 2019
financial statements.
• Although the Tobacco Capital Access Program (“TCAP”) and the Virginia Capital Access Program (“VCAP”) were
discontinued in 2016 and are no longer accepting new loan enrollments, both programs continues to support
outstanding loans previously enrolled by participating banks. Based on the existing maturities of loans enrolled
under these two discontinued programs, the Authority estimates its VCAP and TCAP Reserve Account obligations
may extend for as much as an additional eight years, unless the existing reserves under these programs are exhausted
prior to that time through the payment of claims.
• In July 2019, the Authority’s Executive Director left the Authority after a one-year tenure.
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VIRGINIA SMALL BUSINESS FINANCING AUTHORITY
For the Fiscal Years Ending June 30, 2018 through June 30, 2020
FINANCIAL ANALYSIS OF THE AUTHORITY
The following table summarizes select financial information regarding the Authority’s operations as of the dates and for
the periods indicated:
% %
change change
2019 2018
6/30/2020 6/30/2019 6/30/2018 vs vs
2020 2019
Cash (Restricted and Unrestricted) $19,693,939 $20,929,874 $21,098,809 (6%) (1%)
Investments (Restricted and Unrestricted) $17,774,789 $18,354,008 $13,477,729 (3%) 36%
Loans receivable (net of Doubtful Accounts) $12,391,017 $7,059,229 $7,576,223 76% (7%)
Restricted Assets (SSCBI and State CCP $7,815,189 $10,719,172 $13,588,530 (27%) (21%)
Reserve Accts, SSBCI CAP, VCAP and TCAP
Reserve accounts)
Other assets $60,035 $12,372 $19,028 385% (35%)
Total assets $57,734,969 $57,074,655 $55,760,319 1% 2%
Obligations under Securities Lending Program $895,244 $1,236,439 $1,045,769 (28%) 19%
Restricted Liabilities (Support Obligations $1,064,138 $801,399 $994,800 33% (19%)
under CAP & Other)
Other Liabilities $88,121 $95,352 $105,041 33% (9%)
Total liabilities $2,047,503 $2,133,190 $2,144,205 (8%) (.5%)
Net Assets $55,687,466 $54,941,465 $53,616,114 1% 2%
% Change % Change
from 2019 from 2018
Net Assets 2020 2019 2018 to 2020 to 2019
Restricted $45,279,333 $45,180,822 $45,138,013 (.2%) 0.1%
Unrestricted $10,408,133 $9,760,643 $8,478,101 9% 15%
Total Net Assets $55,687,466 $54,941,465 $53,616,114 1% 2%
Description of Net Assets – The Authority’s Net Assets are reported on the Statement of Net Assets. The Authority has
Restricted Assets and Unrestricted Assets as described below:
1. Restricted These net assets represent funds that have been received by the Authority for specific financing
programs from various funding sources, including: the federal government, the state government for use in
conjunction with certain federal grants, funds which are administered by the Authority on behalf of other state
agencies, funds which are restricted by federal grants or by state legislation, and funds that are restricted due to
commitments, deficiency guaranties and loan portfolio insurance agreements that represent legal obligations of
the Authority to the respective participating banks.
Federally restricted net assets managed by the Authority are the Child Care Financing Program, the State Small
Business Credit Initiative - U.S. Treasury, and the Federal Economic Development Loan Fund, U.S. Economic
Development Administration. As of June 30, 2020, the Net Assets under these federally funded programs were
$3,894,154, $14,268,753 and $20,386,665, respectively, totaling $38,549,572.
VSBFA2020Financial Statements and Management Discussion
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State net assets are “restricted” funds administered by the Authority on behalf of other state agencies, or are state
funds restricted as the result of deficiency guaranties, guaranty commitments, loan commitments, outstanding
checks issued by the Authority and accrued payroll. State restricted net assets at June 30, 2020 totaled
$6,729,761,which included $6,641,594 in outstanding Loan Guaranty Program guaranties, $1,278 in outstanding
checks, and $86,843 in accrued payroll and other accounts payable, and $46 to be transferred to the Virginia
Department of Environmental Quality.
2. Unrestricted - As of June 30, 2020, unrestricted net assets totaled $10,408,133, which include VSBFA Operating
($6,103,111), State Economic Development Loan Fund program & State Cash Collateral Program ($3,012,617) and
the SWaM Microloan Program ($1,292,405).
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VIRGINIA SMALL BUSINESS FINANCING AUTHORITY
Statements of Revenues, Expenses and Changes in Net Assets
For the Fiscal Years Ending June 30, 2019 and June 30, 2020
%
change
2020 2019 2019 to
2020
Operating revenues:
Interest on loans receivable $396,330 $254,059 56%
Charges for sales and service $1,250,828 $1,435,197 (13%)
Other (including recoveries) $2,436 $43,189 (94%)
Total operating revenues $1,649,594 $1,732,445 (5%)
Operating expenses:
$644,219 $533,109 21%
Personal services
Contractual Services, including rent and supplies $192,713 $290,994 (34%)
Distributions (Capital Access Program fee matching $1,725 $4,005 (57%)
distributions)
Other (including charge-offs, bond fee sharing, $500,296 $134,328 272%
additional CCP reserve and miscellaneous)
Allowance for Doubtful Accounts $259,295 $167,238 55%
Total Operating Expenses $1,598,248 $1,129,674 41%
Net Operating Income $51,346 $602,771 (91%)
Non-operating revenues:
Interest income $546,083 $759,214 (28%)
Other non-operating revenues (expenses) ($1,048) ($30,692) (96%)
Net Income before transfers $596,381 $1,331,293 (55%)
Transfers
Net Operating transfers (including intrafund
transfers) $18,764 $226,285 (92%)
Transfers Out to VA Dept. of Environmental Quality ($44,287) - 100%
Transfers Out to VA Tobacco Commission - ($277,724 277%
Total Net Transfers ($25,523) ($51,439) (50%)
Change in net assets $570,858 $1,279,879 $709,021
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VIRGINIA SMALL BUSINESS FINANCING AUTHORITY
Notes to Financial Statements
June 30, 2019 and 2020
(1) Organization and Summary of Significant Accounting Policies
(a) Organization
The Virginia Small Business Financing Authority was created by the Virginia General Assembly in 1984
as a public body corporate and a political subdivision of the Commonwealth of Virginia. The Authority is
governed by an eleven-member board, appointed by the Governor of the Commonwealth of Virginia on
rolling terms. The Authority’s major activities are to provide financial assistance to businesses in the
Commonwealth through bond issuances, direct loans, loan guaranties, portfolio loan loss reserves, and
other assistance.
For financial reporting purposes, the Authority is a component unit of the Commonwealth of Virginia.
The accounts of the Authority and other Authority-administered state and federal funds, are combined
to form the Component Unit - Proprietary Funds of the Commonwealth of Virginia. The financial
statements of the Authority include the activities of the SSBCI Cash Collateral Program and the SSBCI
Capital Access Program (federally funded through the U.S. Treasury), the Child Care Financing Program
direct loan program, the U.S. Department of Commerce - Economic Development Administration funded
Economic Development Loan Fund direct loan program, a VSBFA funded Economic Development Loan
Program direct loan program, a VSBFA funded Cash Collateral Program, the Small Business Environmental
Compliance Assistance Fund direct loan program, the Small Business Micro Loan Program direct loan
program, the Small Business Growth Fund (also known as the Virginia Capital Access Program), the
Southside Tobacco Region Capital Access Program, the Industrial Development Bond Program, and the
Loan Guaranty Program, which are described in more detail below.
(b) Basis of Accounting
The Authority utilizes the accrual basis of accounting in preparing its financial statements where
revenues are recognized when earned and expenses when incurred. The accounts are organized on the
basis of funds, which are set up in accordance with the authorizing act, the various grants, and
agreements between the Authority and the other state agencies.
(c) Conduit Debt Obligations
From time to time, the Authority has issued Industrial Revenue Bonds to provide financial assistance to
private sector entities for the acquisition and construction of industrial and commercial facilities deemed
to be in the public interest. The bonds are secured by the property financed and are payable solely from
payments received on the underlying mortgage loans. Upon repayment of the bonds, ownership of the
acquired facilities transfers to the private sector entity served by the bond issuance. Neither the
Authority, the State, nor any political subdivision thereof is obligated in any manner for repayment of
the bonds. Accordingly, the Authority’s outstanding bonds are not reported as liabilities in the
accompanying financial statements.
(d) Loans Receivable
Loans receivable are stated at their unpaid principal balance, less an allowance for loan losses. The
interest method is computed on a loan-by-loan basis, but is typically on the basis of actual days/365.
(e) Allowance for Loan Losses
There will be a discussion of loan losses, if any, under each direct loan program discussion. If actual
charges-offs exceed this amount, the Authority will increase the allowance. For direct loan programs,
receivables are typically charged-off when a 120-day delinquency is reached and when there has been a
determination that repayment is deemed highly unlikely. For non-bankruptcy cases, the Authority’s
collections are sent to the OAG for collection and debts are reported as required under the Debt Set-Off
Program.
VSBFA2020Financial Statements and Management Discussion
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Based upon the nominal losses incurred from the Loan Guaranty Program over the Authority’s thirty-
three year history, the Authority has determined that a loss reserve of 2% of our notes receivable is
appropriate given that our loan portfolios have continued to perform better than one might expect for a
government lending program. If a loan guaranteed by the program is deemed at risk, the Authority will
deduct the full amount of the principal balance from the guaranty capacity calculation in order to account
for any potential loss from that specific transaction.
Funds distributed to banks through the Authority’s Cash Collateral and Capital Access programs
(currently the SSBCI CAP, and formerly the VCAP, and TCAP programs) fund loan loss Reserve accounts
owned by the Authority at the participating program banks. By virtue of the nature of these programs,
the Authority’s liability is limited to funds distributed and maintained in these Reserve accounts;
consequently, no additional allowance for loan losses is required for these programs.
(f) Compensation
Compensation for all employees of the Authority is based upon the Commonwealth’s compensation plan
for state employees. The Executive Director is an employee of the Commonwealth and is non-restricted.
The remaining staff members are employees of the Authority and are “restricted” in that their
employment and compensation are tied to the various funds administered by the Authority. A portion
of total compensation expense is charged to the Authority’s programs from time to time, to the extent
that funding for the program allows for payment of administrative costs.
(g) Retirement Plans
Employees of the Authority participate in a defined benefit pension plan administered by the Virginia
Retirement System (VRS). The VRS also administers life insurance and health related plans for
employees. Information relating to these plans is available at the statewide level only in the
Commonwealth of Virginia's Comprehensive Annual Financial Report (CAFR). The Commonwealth, not
the Authority, has overall responsibility for contributions to these plans.
(h) Compensated Absences
Authority employees are granted vacation and sick pay in varying amounts as services are provided.
Employees may accumulate, subject to certain limitations, unused vacation and sick pay earned and,
upon retirement, termination or death, may be compensated for certain amounts at their then current
rates of pay. The amount of vacation and sick pay recognized as expense is the amount earned each year.
(2) Description of Account and Fund Groups
(a) Bond Programs
The Authority is a conduit issuer of tax-exempt and taxable Industrial Development Revenue Bonds to
provide creditworthy businesses with access to long-term, fixed asset financing for new and expanding
manufacturing facilities and exempt projects, such as solid waste disposal facilities. During fiscal 2003,
the Authority was given the legislative authority to issue bonds for qualified 501c3s for projects such as
hospital expansions and college and university foundations.
The repayment of the Authority issued bonds is the responsibility of the respective for-profit or 501
(c)(3) not-for-profit entity and the financing of such bonds is provided by the private sector and not
provided by the Authority or the Commonwealth. Neither the Authority nor the Commonwealth
guarantee payment and, as described in Section 9-221 of the Code of Virginia, no bonds issued by the
Authority constitute a debt, liability, or general obligation of the Commonwealth.
The Authority charges an annual administrative fee based upon the outstanding principal amount of the
bonds it has issued, payable on each anniversary date of the closing of the bond issue. Such fees may
vary upon the amount and type of issuance, but typically the issuance fee for a for-profit entity is one-
eighth of one percent annually on the then outstanding principal balance of the loan supporting the bond.
For bonds issued on behalf of 501c3 non-profit organizations the annual fee is one-tenth of one percent
annually on the then outstanding principal balance of the loan supporting the bond, with a cap of
$250,000.
VSBFA2020Financial Statements and Management Discussion
Page 12
Per a Memorandum of Understanding with certain localities of the Commonwealth, the Authority shares
40% of its bond fee revenue generated from 501(c)(3)’s with all localities in Virginia. The Authority
collects the full amount of the fee due from the 501 (c)(3) and then calculates the appropriate amount
due to the localities on a pro-rata basis based on the amount of the issuance per locality. The Authority
then pays the amount due to the locality per the agreement. The remaining monies collected are retained
in the Authority’s operating account and used to support small business loan programs for the Authority
and administrative costs, including staff salaries.
In 2009, the Authority’s legislation was amended to expand the definition of “Business Enterprise to
include any “entity acquiring, constructing, improving, maintaining, or operating a qualified
transportation facility under the Public-Private Transportation Act of 1995 (§ 56-556 et seq).” In the 2013-
2014 budget and again in the 2015-2016 budget there was language that references an agreed upon fee
structure for a road project financed by a bond that was approved by the VSBFA this year. It states: “For
the I-95 HOV/HOT Lanes project as evidenced by the Comprehensive Agreement approved pursuant to the
Public-Private Transportation Act of 1995, the maximum fee and/or premium charged by the Virginia Small
Business Financing Authority pursuant to §§ 2.2-2291 and 2.2-2285, Code of Virginia, for acting as the
conduit issuer for any bond financing is not to exceed $25,000 per annum.” The Authority expects this
budget language to continue for future budgets.
During the 2019 Virginia General Assembly session, the Authority’s legislation was amended to allow
the Authority to issue bonds for the purpose of modernizing public school buildings or facilities.
See attached Trial Balance Bond Report for a listing of outstanding bonds issued by the Authority.
(b) VSBFA Operating Fund/Loan Guaranty Program/Microloan Program/State EDLF and State Cash
Collateral Program
Net Assets totaling $17,137,848 are divided into three separate loan funds, in addition to the operating
funds of the VSBFA.
The Loan Guaranty Program provides guaranties up to the lesser of $750,000 or 75% of lines of credit
(for a maximum duration of 5 years) and term loans (for a maximum duration of 7 years.) The Loan
Guaranty Program was originally funded by $900,000 of the initial $1,000,000 appropriation received
by the Authority in 1984. In 2002 and again in 2004, $500,000 and $600,000 respectively were
transferred from the State Economic Development Loan Fund to provide for continued funding of the
program. In Fiscal 2007, Fiscal 2011 and Fiscal 2012 the Virginia General Assembly provided additional
funding of $1,250,000, $1,000,000 and $5,000,000 respectively. There were no claim payments under
the Loan Guaranty Program during Fiscal 2019 or Fiscal 2020. Program funds for the Authority’s Loan
Guaranty Program are considered part of the Authority’s primary Operating Account.
The SWaM Microloan Program had net outstanding loans of $610,013 as of June 30, 2020 and no
outstanding loan commitments. Allowance for Doubtful Accounts for the Microloan Program at the 2020
Fiscal year-end were $18,866. The program had charge-offs of $15,515 during the 2020 Fiscal year, and
$34,548 of charge-offs during Fiscal 2019, bringing the total loans charged off since the program’s
inception to $134,664, which is 3.4% of all loans originated under the program. In light of the additional
charged off loans in Fiscal 2019 and Fiscal 2020, the Allowance for Doubtful Accounts for this direct loan
program has been adjusted to 3%.
The State Economic Development Fund had $2,066,397 of net outstanding loans and no outstanding
commitments at the 2020 Fiscal year-end. Allowance for Doubtful Accounts for the program at the 2020
Fiscal year-end were $42,171. There were no charge-offs in this program during the 2020 Fiscal year.
The State Cash Collateral Program (“State CCP”) is a collateral support program, supporting eligible
loans at participating banks that have a deficiency in collateral. At the 2020 Fiscal year-end, the
Authority had State Cash Collateral Program Reserve account balances of $764,330 which supported two
remaining loans under this now inactive program. These cash collateral deposits are Restricted Assets
on deposit at participating lenders in accounts owned by the VSBFA and are considered public funds.
As of June 30, 2020, the Authority’s Operating Fund had $1,278 in outstanding checks and $79,630 in
accrued payroll and benefits and $7,213 in other accounts payable.
VSBFA2020Financial Statements and Management Discussion
Page 13
(c) State Small Business Credit Initiative
On August 15, 2011, the Authority entered into an agreement with the U.S. Treasury to accept Virginia’s
allocation of the money available under the State Small Business Credit Initiative (“SSBCI”). The
Authority received $18,034,394 in four funding tranches, the last of which was received in December
2016. Under the SSBCI program, the Authority currently offers the SSBCI Cash Collateral Program (CCP)
and the SSBCI Capital Access Program (SSBCI CAP). SSBCI Cash Collateral Program Reserve Accounts
aggregated $6,349,975 as of June 30, 2020 while SSBCI Capital Access Program Reserve Accounts totaled
$307,551 as of that date. During Fiscal 2019 paid SSBCI CAP claims of $48,807 and in Fiscal 2020 paid
SSBCI CAP claims of $59,395. Given that claim payments are made from existing SSBCI CAP Reserve
Accounts (where the Authority’s contributions had previously been expensed) no additional expense for
these claims is shown on the Fiscal 2019 or 2020 financial statements. There were no claims paid in the
SSBCI CCP program in either Fiscal 2019 or Fiscal 2020.
(d) Child Care Financing Program
The Child Care Financing Program is funded by a federal Child Care and Development Block Grant
received by the Virginia Department of Social Services (“VDSS”). The Authority administers the Child
Care Financing Program in accordance with a Memorandum of Agreement with VDSS. The Child Care
Financing Program offers regulated childcare providers low-interest direct loans to fund quality
enhancement projects or projects to meet or maintain state or local childcare requirements, including
health, safety and fire codes. The net assets of this fund are Restricted due to the restraints imposed by
the federal grant (GASBS #34) and the MOA mentioned above. At June 30, 2020, there were net loans
receivable of $236,609 and the Authority had no outstanding loan commitments. Allowance for Doubtful
Accounts as of the 2020 Fiscal year-end was $4,829 and there were no charge-offs during the 2020 Fiscal
year.
(e) Federal Economic Development Loan Fund
The federal Economic Development Loan Fund provides direct loans in typical amounts from $1,000,000
to $3,000,000 to bridge the gap between private debt financing and private equity for projects that will
result in job creation or retention. The Authority considers loan limits at the higher end of that range
depending upon the economic development benefits of the project, the strength of the borrower and the
distress level of the locality in which the project is located. Loans can be made to Virginia businesses and
to industrial or economic development authorities.
The EDLF was originally capitalized by three U.S. Economic Development Administration (EDA) grants
and the required state matching funds, which are Restricted to this fund in compliance with the original
terms and conditions of the EDA grants. Net loans receivable totaled $9,477,998 at June 30, 2020 and
there were $2,565,922 in outstanding loan commitments at that date. Allowance for Doubtful Accounts
was $193,429 at June 30, 2020 and there were no charge-offs during Fiscal 2020.
(f) Small Business Environmental Compliance Assistance Fund
Originally funded by the Department of Environmental Quality (DEQ), the Authority administers the one
remaining Environmental Compliance Assistance Fund loan pursuant to a tri-party cooperative
agreement executed between the Authority; the former Department of Business Assistance, and DEQ.
The program was discontinued as of December 2015. The last remaining loan in this program has been
repaid in full and all cash collections has been transferred back to DEQ with the exception of $46 in
interest paid on cash, which is still to be transferred. The amount remaining in this fund as of June 30,
2020 is considered state Restricted Funds.
(g) Small Business Growth Fund aka Virginia Capital Access Program
The Virginia Small Business Growth Fund, also known as the Authority’s Virginia Capital Access Program
(“VCAP”), provided a form of loan portfolio insurance for participating banks through special loan loss
reserve accounts which are funded by loan enrollment premiums paid by the bank/borrower and
matched by the Authority from the Fund. The funds in VCAP loan loss reserve accounts are available to
cover losses on loans enrolled by the participating bank. The aggregate balance of the VCAP loan loss
VSBFA2020Financial Statements and Management Discussion
Page 14
Reserve accounts at participating banks at Fiscal 2020 year-end was $134,347. The balances in the VCAP
reserve accounts are Restricted by the enabling legislation and the terms and conditions of the
participating agreements executed by the Authority and the participating banks. New enrollments for
this program are no longer being accepted but the reserve account balances continue to support the
loans which remain enrolled in the program.
(h) Tobacco Southside Region Capital Access Program
The Tobacco Capital Access Program (“TCAP”) was discontinued effective November 16, 2015 but the
remaining reserve accounts continue to support loans enrolled in the program. As of June 30, 2020,
there was a total of $258,986 in the remaining TCAP Reserve accounts. These funds are Restricted by the
constraints placed upon the fund by the Tobacco Commission, the terms and conditions outlined in the
Tri-party MOA which created the program, and the terms and conditions of the participating agreements
executed by the Authority and the participating banks.
(3) Loans Receivable
Substantially all loans receivable are secured by liens on business assets of the borrower or personal assets
of the guarantor(s), and by the personal guaranties of all majority business owners. Rates and terms vary
depending upon the program and the market rates at the time of loan closing.
(4) Cash and Investments
Cash includes cash on hand and amounts in checking accounts not held by the state Treasurer are insured by
the Federal Depository Insurance Corporation or are collateralized under provisions of the Virginia Security
for Public Deposits Act, Section 2.2-4400 et.seq. of the Code of Virginia (a multiple financial institution
collateral pool). Under the Act, banks holding public deposits in excess of the amounts insured by FDIC must
pledge collateral in the amount of 50% of excess deposits to a collateral pool in the name of the State Treasury
Board. Deposits covered by the Act are considered insured since the Treasury Board is authorized to make
additional assessments. Generally, the immediate operating cash in the VSBFA fund (Bond, loan program and
LGP) and the Child Day Care Financing Program are on deposit at Wells Fargo in an amount sufficient to cover
service charges and expected loan disbursements. Funds not immediately needed for operating purposes
are held in three separate LGIP accounts.
Securities Lending Transactions
As June 30, 2020, the Authority had Cash Equivalents of $895,244 in the Virginia Treasury’s Securities
Lending Program, which were offset on the Authority’s Balance Sheet by a corresponding liability of the same
amount.
(5) Relationships with the Department of Small Business and Supplier Diversity
The Authority is a division of the Virginia Department of Small Business and Supplier Diversity (“SBSD.”) Staff
salaries and administrative expenses are paid from the Authority’s operating and program funds, and during
Fiscal 2020 the Authority paid rent of $34,380 to SBSD in addition to costs for computer equipment and
information technology services.
The Executive Director of the Authority is appointed by the Director of the Department of Small Business and
Supplier Diversity in accordance with Section 9-204 of the Code of Virginia. The Director of the Department
of Small Business and Supplier Diversity is a voting ex-officio member of the Authority’s Board.
(6) Surety Bond
The Executive Director of the Authority is covered by a Faithful Performance Duty Bond administered by the
Commonwealth of Virginia’s Department of General Services, Division of Risk Management with liability
limits of $500,000 for each occurrence.
VSBFA2020Financial Statements and Management Discussion
Page 15
Trial Balance Report By GL Code
Virginia Small Business Financing Authority-Bonds
Accumulated Through 6/30/2020
Customer ID Officer GL Code Active Day Code Fixed Base Principal Bal Accruing Bal Commitment
Facility ID Branch Loan Type Maturity Perf Status Spread Interest Interest MTD Available
Loan ID Customer Name Revlr Cd Rate Code Rate Late Fee Daily Accrual Original Commit
FSD540506319 Mark 501C3 12/15/2005 Actual/365 0.0000000000 $1,970,000.00 $1,970,000.00 $1,970,000.00
002 BONDS Interest Only 12/31/2022 Performing 0.0000000000 $0.00 $0.00 $0.00
30600400 Mary Baldwin University C 001 0.0000000000 $0.00 $0.00 $11,345,000.00
FSD409207 Anna 501C3 9/26/2006 Actual/365 0.0000000000 $4,900,743.91 $4,900,743.91 $4,900,743.91
001 BONDS Interest Only 9/1/2036 Performing 0.0000000000 $0.00 $0.00 $0.00
30700425 Community Residence Inc and CommuC 001 0.0000000000 $0.00 $0.00 $12,000,000.00
FSD165007 Mark 501C3 12/1/2006 Actual/365 0.0000000000 $13,125,000.00 $13,125,000.00 $13,125,000.00
001 BONDS Interest Only 7/1/2031 Performing 0.0000000000 $0.00 $0.00 $0.00
30700435 Virginia State University Real Estate F C 001 0.0000000000 $0.00 $0.00 $22,000,000.00
FSD077108 Linda 501C3 7/16/2008 Actual/365 0.0000000000 $50,000,000.00 $50,000,000.00 $160,000,000.00
001 BONDS Interest Only 7/1/2042 Performing 0.0000000000 $0.00 $0.00 $0.00
30900475 Carilion Clinic C 001 0.0000000000 $0.00 $0.00 $175,000,000.00
FSD077108 Linda 501C3 7/16/2008 Actual/365 0.0000000000 $110,000,000.00 $110,000,000.00 $160,000,000.00
001 BONDS Interest Only 7/1/2042 Performing 0.0000000000 $0.00 $0.00 $0.00
30900480 Carilion Clinic C 001 0.0000000000 $0.00 $0.00 $175,000,000.00
FSD190110 Anna 501C3 1/28/2010 Actual/365 0.0000000000 $209,930,000.00 $209,930,000.00 $209,930,000.00
001 BONDS Interest Only 11/1/2040 Performing 0.0000000000 $0.00 $0.00 $0.00
31000515 Sentara Healthcare C 001 0.0000000000 $0.00 $0.00 $300,000,000.00
FSD632810 Mark 501C3 9/30/2009 Actual/365 0.0000000000 $4,000,468.00 $4,000,468.00 $4,000,468.00
001 BONDS Interest Only 12/5/2031 Performing 0.0000000000 $0.00 $0.00 $0.00
31000530 Richmond SPCA C 001 0.0000000000 $0.00 $0.00 $6,500,000.00
FSD588610 Mark 501C3 12/1/2009 Actual/365 0.0000000000 $4,404,558.13 $4,404,558.13 $4,258,429.00
002 BONDS Interest Only 12/1/2031 Performing 0.0000000000 $0.00 $0.00 ($146,129.13)
31000555 Church Schools in the Diocese of Virg C 001 0.0000000000 $0.00 $0.00 $28,829,906.00
FSD188610 Mark 501C3 2/18/2010 Actual/365 0.0000000000 $5,123,000.00 $5,123,000.00 $5,123,000.00
001 BONDS Interest Only 2/1/2035 Performing 0.0000000000 $0.00 $0.00 $0.00
31000570 Trinity Episcopal School Inc C 001 0.0000000000 $0.00 $0.00 $10,000,000.00
FSD790010 Mark 501C3 1/14/2010 Actual/365 0.0000000000 $2,185,000.00 $2,185,000.00 $2,185,000.00
001 BONDS Interest Only 7/1/2022 Performing 0.0000000000 $0.00 $0.00 $0.00
31000580 The Virginia Home C 001 0.0000000000 $0.00 $0.00 $8,125,000.00
Thursday, July 2, 2020 10:50:50AM Trial Balance Report By GL Code Page 1 of 9
Trial Balance Report By GL Code
Virginia Small Business Financing Authority-Bonds
Accumulated Through 6/30/2020
Customer ID Officer GL Code Active Day Code Fixed Base Principal Bal Accruing Bal Commitment
Facility ID Branch Loan Type Maturity Perf Status Spread Interest Interest MTD Available
Loan ID Customer Name Revlr Cd Rate Code Rate Late Fee Daily Accrual Original Commit
FSD539511 Mark 501C3 2/3/2011 Actual/365 0.0000000000 $8,634,374.35 $8,634,374.35 $8,634,374.35
001 BONDS Interest Only 2/1/2024 Performing 0.0000000000 $0.00 $0.00 $0.00
31100615 Goodwill Industries of Central VirginiaC 001 0.0000000000 $0.00 $0.00 $15,200,000.00
FSD217611 Mark 501C3 12/21/2010 Actual/365 0.0000000000 $6,918,416.85 $6,918,416.85 $6,918,416.85
001 BONDS Interest Only 12/1/2030 Performing 0.0000000000 $0.00 $0.00 $0.00
31100625 University of Virginia Foundation C 001 0.0000000000 $0.00 $0.00 $15,000,000.00
FSD108811 Mark 501C3 10/19/2010 Actual/365 0.0000000000 $40,740,000.00 $40,740,000.00 $40,740,000.00
001 BONDS Interest Only 11/1/2042 Performing 0.0000000000 $0.00 $0.00 $0.00
31100630 Bon Secours Health System Inc/Oblig C 001 0.0000000000 $0.00 $0.00 $325,000,000.00
FSD307607 Anna 501C3 12/23/2010 Actual/365 0.0000000000 $12,097,235.42 $12,097,235.42 $12,097,235.42
004 BONDS Interest Only 6/1/2037 Performing 0.0000000000 $0.00 $0.00 $0.00
31100685 NPPF Intermediate Funding I, LLC C 001 0.0000000000 $0.00 $0.00 $15,000,000.00
FSD531710 Mark 501C3 2/23/2012 Actual/365 0.0000000000 $2,881,031.00 $2,881,031.00 $2,881,031.00
002 BONDS Interest Only 5/1/2032 Performing 0.0000000000 $0.00 $0.00 $0.00
31200690 Memorial Trustees of the VA Diocesan C 001 0.0000000000 $0.00 $0.00 $4,025,000.00
FSD540506319 Mark 501C3 2/23/2012 Actual/365 0.0000000000 $1,245,104.00 $1,245,104.00 $1,245,104.00
004 BONDS Interest Only 10/1/2024 Performing 0.0000000000 $0.00 $0.00 $0.00
31200715 Mary Baldwin University C 001 0.0000000000 $0.00 $0.00 $3,386,000.00
FSD540506321 Anna 501C3 9/19/2012 Actual/365 0.0000000000 $56,858,991.33 $56,858,991.33 $56,858,991.33
002 BONDS Interest Only 1/1/2023 Performing 0.0000000000 $0.00 $0.00 $0.00
31300730 Children's Hospital of Kings Daughter C 001 0.0000000000 $0.00 $0.00 $76,400,000.00
FSD540419452 Mark 501C3 6/27/2013 Actual/365 0.0000000000 $240,873.82 $240,873.82 $240,873.82
004 BONDS Interest Only 6/1/2020 Performing 0.0000000000 $0.00 $0.00 $0.00
31400765 Virginia Historical Society C 001 0.0000000000 $0.00 $0.00 $4,914,000.00
FSD599008 Anna 501C3 1/29/2015 Actual/365 0.0000000000 $99,710,000.00 $99,710,000.00 $99,710,000.00
002 BONDS Interest Only 10/1/2029 Performing 0.0000000000 $0.00 $0.00 $0.00
31500785 Hampton University C 001 0.0000000000 $0.00 $0.00 $115,090,000.00
FSD510205333 Mark 501C3 6/26/2014 Actual/365 0.0000000000 $10,031,988.27 $10,031,988.27 $40,130,988.27
003 BONDS Interest Only 8/1/2038 Performing 0.0000000000 $0.00 $0.00 $0.00
31500800 Virginia Museum of Fine Arts Foundat C 001 0.0000000000 $0.00 $0.00 $40,200,000.00
Thursday, July 2, 2020 10:50:50AM Trial Balance Report By GL Code Page 2 of 9
Trial Balance Report By GL Code
Virginia Small Business Financing Authority-Bonds
Accumulated Through 6/30/2020
Customer ID Officer GL Code Active Day Code Fixed Base Principal Bal Accruing Bal Commitment
Facility ID Branch Loan Type Maturity Perf Status Spread Interest Interest MTD Available
Loan ID Customer Name Revlr Cd Rate Code Rate Late Fee Daily Accrual Original Commit
FSD510205333 Mark 501C3 6/26/2014 Actual/365 0.0000000000 $30,099,000.00 $30,099,000.00 $40,130,988.27
003 BONDS Interest Only 8/1/2038 Performing 0.0000000000 $0.00 $0.00 $0.00
31500805 Virginia Museum of Fine Arts FoundatC 001 0.0000000000 $0.00 $0.00 $40,200,000.00
FSD588610 Mark 501C3 1/31/2019 Actual/365 0.0000000000 $7,382,000.00 $7,382,000.00 $21,382,000.00
005 BONDS Maturity 12/1/2025 Performing 0.0000000000 $0.00 $0.00 $0.00
31901105 Church Schools in the Diocese of Virg C 001 0.0000000000 $0.00 $0.00 $23,000,000.00
FSD588610 Mark 501C3 1/31/2019 Actual/365 0.0000000000 $9,000,000.00 $9,000,000.00 $21,382,000.00
005 BONDS Maturity 12/1/2028 Performing 0.0000000000 $0.00 $0.00 $0.00
31901110 Church Schools in the Diocese of Virg C 001 0.0000000000 $0.00 $0.00 $23,000,000.00
FSD588610 Mark 501C3 1/31/2019 Actual/365 0.0000000000 $5,000,000.00 $5,000,000.00 $21,382,000.00
005 BONDS Interest Only 12/1/2028 Performing 0.0000000000 $0.00 $0.00 $0.00
31901115 Church Schools in the Diocese of Virg C 001 0.0000000000 $0.00 $0.00 $23,000,000.00
FSD210119 Mark 501C3 2/8/2019 Actual/365 0.0000000000 $14,735,000.00 $14,735,000.00 $125,000,000.00
001 BONDS Interest Only 7/1/2034 Performing 0.0000000000 $0.00 $0.00 $4,250,553.40
31901120 Provident Group C 001 0.0000000000 $0.00 $0.00 $120,749,446.60
FSD210119 Mark 501C3 2/8/2019 Actual/365 0.0000000000 $29,315,000.00 $29,315,000.00 $125,000,000.00
001 BONDS Interest Only 7/1/2044 Performing 0.0000000000 $0.00 $0.00 $4,250,553.40
31901125 Provident Group C 001 0.0000000000 $0.00 $0.00 $120,749,446.60
FSD210119 Mark 501C3 2/8/2019 Actual/365 0.0000000000 $19,805,000.00 $19,805,000.00 $125,000,000.00
001 BONDS Interest Only 7/1/2049 Performing 0.0000000000 $0.00 $0.00 $4,250,553.40
31901130 Provident Group C 001 0.0000000000 $0.00 $0.00 $120,749,446.60
FSD210119 Mark 501C3 2/8/2019 Actual/365 0.0000000000 $26,855,000.00 $26,855,000.00 $125,000,000.00
001 BONDS Interest Only 7/1/2054 Performing 0.0000000000 $0.00 $0.00 $4,250,553.40
31901135 Provident Group C 001 0.0000000000 $0.00 $0.00 $120,749,446.60
FSD210119 Mark 501C3 2/8/2019 Actual/365 0.0000000000 $25,430,000.00 $25,430,000.00 $125,000,000.00
001 BONDS Interest Only 7/1/2052 Performing 0.0000000000 $0.00 $0.00 $4,250,553.40
31901140 Provident Group C 001 0.0000000000 $0.00 $0.00 $120,749,446.60
FSD210119 Mark 501C3 2/8/2019 Actual/365 0.0000000000 $4,609,446.60 $4,609,446.60 $125,000,000.00
001 BONDS Interest Only 7/1/2061 Performing 0.0000000000 $0.00 $0.00 $4,250,553.40
31901145 Provident Group C 001 0.0000000000 $0.00 $0.00 $120,749,446.60
Thursday, July 2, 2020 10:50:50AM Trial Balance Report By GL Code Page 3 of 9
Trial Balance Report By GL Code
Virginia Small Business Financing Authority-Bonds
Accumulated Through 6/30/2020
Customer ID Officer GL Code Active Day Code Fixed Base Principal Bal Accruing Bal Commitment
Facility ID Branch Loan Type Maturity Perf Status Spread Interest Interest MTD Available
Loan ID Customer Name Revlr Cd Rate Code Rate Late Fee Daily Accrual Original Commit
FSD240119 Mark 501C3 7/12/2019 Actual/365 0.0000000000 $3,814,522.13 $3,814,522.13 $8,000,000.00
001 BONDS Interest Only 7/1/2031 Performing 0.0000000000 $0.00 $0.00 $4,185,477.87
319001150 Grafton School Inc C 001 0.0000000000 $0.00 $0.00 $8,000,000.00
FSD539511 Mark 501C3 8/13/2012 Actual/365 0.0000000000 $5,235,299.45 $5,235,299.45 $5,235,299.45
002 BONDS Interest Only 5/1/2033 Performing 0.0000000000 $0.00 $0.00 $0.00
31300755S Goodwill Industries of Central VirginiaC 001 0.0000000000 $0.00 $0.00 $8,000,000.00
FSD520510 Anna 501C3 5/31/2012 Actual/365 0.0000000000 $1,677,811.00 $1,677,811.00 $1,677,811.00
002 BONDS Interest Only 5/31/2022 Performing 0.0000000000 $0.00 $0.00 $0.00
3130750S YMCA of South Hampton Roads C 001 0.0000000000 $0.00 $0.00 $11,100,000.00
FSD540419452 Mark 501C3 6/27/2013 Actual/365 0.0000000000 $1,072,199.74 $1,072,199.74 $1,072,199.74
003 BONDS Interest Only 6/1/2033 Performing 0.0000000000 $0.00 $0.00 $0.00
31400760S Virginia Historical Society C 001 0.0000000000 $0.00 $0.00 $15,000,000.00
FSD460312 Mark 501C3 6/7/2012 Actual/365 0.0000000000 $2,669,558.63 $2,669,558.63 $2,669,558.63
001 BONDS Interest Only 9/1/2028 Performing 0.0000000000 $0.00 $0.00 $0.00
31400770S Diocese of Richmond Housing Corp C 001 0.0000000000 $0.00 $0.00 $5,500,000.00
FSD874415 Anna 501C3 10/24/2014 Actual/365 0.0000000000 $2,355,610.00 $2,355,610.00 $9,596,188.00
001 BONDS Interest Only 10/1/2024 Performing 0.0000000000 $0.00 $0.00 $0.00
31500775S Rappahannock Goodwill Industries C 001 0.0000000000 $0.00 $0.00 $14,500,000.00
FSD874415 Anna 501C3 10/24/2014 Actual/365 0.0000000000 $7,240,578.00 $7,240,578.00 $9,596,188.00
001 BONDS Interest Only 10/1/2024 Performing 0.0000000000 $0.00 $0.00 $0.00
31500780S Rappahannock Goodwill Industries C 001 0.0000000000 $0.00 $0.00 $14,500,000.00
FSD794807 Linda 501C3 7/1/2014 Actual/365 0.0000000000 $14,641,417.00 $14,641,417.00 $14,641,417.00
003 BONDS Interest Only 6/1/2039 Performing 0.0000000000 $0.00 $0.00 $0.00
31500790S Friendship Foundation C 001 0.0000000000 $0.00 $0.00 $16,850,478.00
FSD794807 Linda 501C3 7/1/2014 Actual/365 0.0000000000 $17,919,103.00 $17,919,103.00 $17,919,103.00
004 BONDS Interest Only 6/1/2039 Performing 0.0000000000 $0.00 $0.00 $0.00
31500795S Friendship Foundation C 001 0.0000000000 $0.00 $0.00 $19,649,522.00
FSD540506321 Anna 501C3 12/1/2015 Actual/365 0.0000000000 $97,185,000.00 $97,185,000.00 $98,745,000.00
003 BONDS Interest Only 3/1/2045 Performing 0.0000000000 $0.00 $0.00 $1,560,000.00
31500825S Children's Hospital of Kings Daughter C 001 0.0000000000 $0.00 $0.00 $100,000,000.00
Thursday, July 2, 2020 10:50:50AM Trial Balance Report By GL Code Page 4 of 9
Trial Balance Report By GL Code
Virginia Small Business Financing Authority-Bonds
Accumulated Through 6/30/2020
Customer ID Officer GL Code Active Day Code Fixed Base Principal Bal Accruing Bal Commitment
Facility ID Branch Loan Type Maturity Perf Status Spread Interest Interest MTD Available
Loan ID Customer Name Revlr Cd Rate Code Rate Late Fee Daily Accrual Original Commit
FSD046216 Anna 501C3 7/23/2015 Actual/365 0.0000000000 $1,180,287.44 $1,180,287.44 $1,180,287.44
001 BONDS Interest Only 8/1/2022 Performing 0.0000000000 $0.00 $0.00 $0.00
31600810S Share A Homes of the Virginia PeninsuC 001 0.0000000000 $0.00 $0.00 $1,366,000.00
FSD675116 Anna 501C3 7/23/2015 Actual/365 0.0000000000 $886,185.74 $886,185.74 $12,908,074.24
001 BONDS Interest Only 8/1/2022 Performing 0.0000000000 $0.00 $0.00 $0.00
31600815S Hampton Newport News Community SC 001 0.0000000000 $0.00 $0.00 $15,030,000.00
FSD675116 Anna 501C3 7/23/2015 Actual/365 0.0000000000 $12,021,888.50 $12,021,888.50 $12,908,074.24
001 BONDS Interest Only 8/1/2022 Performing 0.0000000000 $0.00 $0.00 $0.00
31600820S Hampton Newport News Community SC 001 0.0000000000 $0.00 $0.00 $15,030,000.00
FSD060317 Mark 501C3 12/27/2017 Actual/365 0.0000000000 $54,710,000.00 $54,710,000.00 $54,710,000.00
002 BONDS Interest Only 6/1/2052 Performing 0.0000000000 $0.00 $0.00 $0.00
31801020S Virginia United Methodist Homes Inc C 001 0.0000000000 $0.00 $0.00 $65,000,000.00
FSD588610 Mark 501C3 10/24/2017 Actual/365 0.0000000000 $2,646,974.19 $2,646,974.19 $26,770,540.83
004 BONDS Interest Only 10/1/2042 Performing 0.0000000000 $0.00 $0.00 $0.00
31801025S Church Schools in the Diocese of Virg C 001 0.0000000000 $0.00 $0.00 $35,000,000.00
FSD588610 Mark 501C3 10/24/2017 Actual/365 0.0000000000 $12,517,283.00 $12,517,283.00 $26,770,540.83
004 BONDS Interest Only 10/1/2035 Performing 0.0000000000 $0.00 $0.00 $0.00
31801030S Church Schools in the Diocese of Virg C 001 0.0000000000 $0.00 $0.00 $35,000,000.00
FSD588610 Mark 501C3 10/24/2017 Actual/365 0.0000000000 $2,954,642.64 $2,954,642.64 $26,770,540.83
004 BONDS Interest Only 10/1/2042 Performing 0.0000000000 $0.00 $0.00 $0.00
31801035S Church Schools in the Diocese of Virg C 001 0.0000000000 $0.00 $0.00 $35,000,000.00
FSD588610 Mark 501C3 10/24/2017 Actual/365 0.0000000000 $451,269.00 $451,269.00 $26,770,540.83
004 BONDS Interest Only 10/1/2042 Performing 0.0000000000 $0.00 $0.00 $0.00
31801040S Church Schools in the Diocese of Virg C 001 0.0000000000 $0.00 $0.00 $35,000,000.00
FSD588610 Mark 501C3 10/24/2017 Actual/365 0.0000000000 $950,042.00 $950,042.00 $26,770,540.83
004 BONDS Interest Only 10/1/2042 Performing 0.0000000000 $0.00 $0.00 $0.00
31801045S Church Schools in the Diocese of Virg C 001 0.0000000000 $0.00 $0.00 $35,000,000.00
FSD588610 Mark 501C3 10/24/2017 Actual/365 0.0000000000 $5,852,778.00 $5,852,778.00 $26,770,540.83
004 BONDS Interest Only 1/1/2030 Performing 0.0000000000 $0.00 $0.00 $0.00
31801050S Church Schools in the Diocese of Virg C 001 0.0000000000 $0.00 $0.00 $35,000,000.00
Thursday, July 2, 2020 10:50:50AM Trial Balance Report By GL Code Page 5 of 9
Trial Balance Report By GL Code
Virginia Small Business Financing Authority-Bonds
Accumulated Through 6/30/2020
Customer ID Officer GL Code Active Day Code Fixed Base Principal Bal Accruing Bal Commitment
Facility ID Branch Loan Type Maturity Perf Status Spread Interest Interest MTD Available
Loan ID Customer Name Revlr Cd Rate Code Rate Late Fee Daily Accrual Original Commit
FSD588610 Mark 501C3 10/24/2017 Actual/365 0.0000000000 $1,397,552.00 $1,397,552.00 $26,770,540.83
004 BONDS Interest Only 10/1/2042 Performing 0.0000000000 $0.00 $0.00 $0.00
31801055S Church Schools in the Diocese of Virg C 001 0.0000000000 $0.00 $0.00 $35,000,000.00
Subtotals for: 501C3 $1,066,607,233.14 $1,066,607,233.14 $1,076,457,135.28
Number of Loans: 51 $0.00 $0.00 $9,849,902.14
$0.00 $0.00 $1,646,760,352.60
FSD540701185 Mark IDB 6/26/2001 360/360 0.0000000000 $380,219.75 $380,219.75 $613,751.85
001 BONDS Interest Only 6/21/2021 Performing 0.0000000000 $0.00 $0.00 $233,532.10
30100400 Eastern Sleep Products Co C 001 0.0000000000 $0.00 $0.00 $2,115,000.00
FSD540808788 Anna IDB 7/1/2004 Actual/365 0.0000000000 $700,000.00 $700,000.00 $700,000.00
002 BONDS Interest Only 10/20/2020 Performing 0.0000000000 $0.00 $0.00 $0.00
30500005 BSL, LLC C 001 0.0000000000 $0.00 $0.00 $3,000,000.00
FSD124510 Anna IDB 1/1/2010 Actual/365 0.0000000000 $25,000.00 $25,000.00 $25,000.00
001 BONDS Interest Only 1/1/2040 Performing 0.0000000000 $0.00 $0.00 $0.00
31000505 Airport Property Partners, LLC C 001 0.0000000000 $0.00 $0.00 $7,000,000.00
FSD128011 Anna IDB 10/26/2010 Actual/365 0.0000000000 $569,389.36 $569,389.36 $569,389.36
001 BONDS Interest Only 11/1/2025 Performing 0.0000000000 $0.00 $0.00 $0.00
31100610 International Parkway Associates, LLCC 001 0.0000000000 $0.00 $0.00 $1,385,000.00
FSD365611 Anna IDB 4/1/2012 Actual/365 0.0000000000 $42,365,000.00 $42,365,000.00 $454,565,000.00
001 BONDS Interest Only 7/1/2027 Performing 0.0000000000 $0.00 $0.00 $0.00
31200695 Elizabeth River Crossings, LLC C 001 0.0000000000 $0.00 $0.00 $1,250,000,000.00
FSD365611 Anna IDB 4/1/2012 Actual/365 0.0000000000 $91,795,000.00 $91,795,000.00 $454,565,000.00
001 BONDS Interest Only 1/1/2032 Performing 0.0000000000 $0.00 $0.00 $0.00
31200700 Elizabeth River Crossings, LLC C 001 0.0000000000 $0.00 $0.00 $1,250,000,000.00
FSD365611 Anna IDB 4/1/2012 Actual/365 0.0000000000 $320,405,000.00 $320,405,000.00 $454,565,000.00
001 BONDS Interest Only 1/1/2042 Performing 0.0000000000 $0.00 $0.00 $0.00
31200710 Elizabeth River Crossings, LLC C 001 0.0000000000 $0.00 $0.00 $1,250,000,000.00
FSD668813 Anna IDB 7/31/2012 Actual/365 0.0000000000 $71,690,000.00 $71,690,000.00 $241,950,000.00
001 BONDS Interest Only 1/1/2040 Performing 0.0000000000 $0.00 $0.00 $0.00
31300720 95 Express LLC C 001 0.0000000000 $0.00 $0.00 $241,950,000.00
Thursday, July 2, 2020 10:50:50AM Trial Balance Report By GL Code Page 6 of 9
Trial Balance Report By GL Code
Virginia Small Business Financing Authority-Bonds
Accumulated Through 6/30/2020
Customer ID Officer GL Code Active Day Code Fixed Base Principal Bal Accruing Bal Commitment
Facility ID Branch Loan Type Maturity Perf Status Spread Interest Interest MTD Available
Loan ID Customer Name Revlr Cd Rate Code Rate Late Fee Daily Accrual Original Commit
FSD668813 Anna IDB 7/31/2012 Actual/365 0.0000000000 $170,260,000.00 $170,260,000.00 $241,950,000.00
001 BONDS Interest Only 1/1/2040 Performing 0.0000000000 $0.00 $0.00 $0.00
31300725 95 Express LLC C 001 0.0000000000 $0.00 $0.00 $241,950,000.00
FSD521238037 Anna IDB 8/21/2012 Actual/365 0.0000000000 $4,969,857.77 $4,969,857.77 $4,969,857.77
002 BONDS Interest Only 8/30/2038 Performing 0.0000000000 $0.00 $0.00 $0.00
31300735 Miltco LC C 001 0.0000000000 $0.00 $0.00 $6,000,000.00
FSD668813 Anna IDB 7/25/2017 Actual/365 0.0000000000 $232,995,000.00 $232,995,000.00 $232,995,000.00
002 BONDS Interest Only 1/1/2040 Performing 0.0000000000 $0.00 $0.00 $0.00
31801065 95 Express LLC C 001 0.0000000000 $0.00 $0.00 $300,000,000.00
FSD919218 Anna IDB 11/9/2017 Actual/365 0.0000000000 $737,000,000.00 $737,000,000.00 $737,000,000.00
001 BONDS Interest Only 12/31/2047 Performing 0.0000000000 $0.00 $0.00 $0.00
31801070 I 66 Express Mobility Partners LLC C 001 0.0000000000 $0.00 $0.00 $737,000,000.00
FSD125718 Anna IDB 6/7/2018 Actual/365 0.0000000000 $30,000,000.00 $30,000,000.00 $50,000,000.00
001 BONDS Interest Only 1/1/2048 Performing 0.0000000000 $0.00 $0.00 $20,000,000.00
31901080 Covanta Holding Corporation C 001 0.0000000000 $0.00 $0.00 $50,000,000.00
Subtotals for: IDB $1,703,154,466.88 $1,703,154,466.88 $1,723,387,998.98
Number of Loans: 13 $0.00 $0.00 $20,233,532.10
$0.00 $0.00 $2,598,450,000.00
FSD588616 Mark QECB 12/1/2015 Actual/365 0.0000000000 $1,970,812.58 $1,970,812.58 $1,970,812.58
001 BONDS Interest Only 1/1/2031 Performing 0.0000000000 $0.00 $0.00 $0.00
31600830 C
Virginia SAVES Green Community Prog 001 0.0000000000 $0.00 $0.00 $2,500,000.00
FSD588616 Mark QECB 10/27/2016 Actual/365 0.0000000000 $3,601,327.98 $3,601,327.98 $3,601,327.98
005 BONDS Interest Only 11/1/2037 Performing 0.0000000000 $0.00 $0.00 $0.00
31700835 C
Virginia SAVES Green Community Prog 001 0.0000000000 $0.00 $0.00 $4,000,000.00
FSD588616 Mark QECB 9/29/2016 Actual/365 0.0000000000 $1,914,752.00 $1,914,752.00 $1,914,752.00
003 BONDS Interest Only 10/1/2031 Performing 0.0000000000 $0.00 $0.00 $0.00
31700840 C
Virginia SAVES Green Community Prog 001 0.0000000000 $0.00 $0.00 $2,200,000.00
FSD588616 Mark QECB 12/20/2016 Actual/365 0.0000000000 $2,309,549.98 $2,309,549.98 $2,309,549.98
002 BONDS Interest Only 12/20/2031 Performing 0.0000000000 $0.00 $0.00 $0.00
31700845 C
Virginia SAVES Green Community Prog 001 0.0000000000 $0.00 $0.00 $2,750,000.00
Thursday, July 2, 2020 10:50:50AM Trial Balance Report By GL Code Page 7 of 9
Trial Balance Report By GL Code
Virginia Small Business Financing Authority-Bonds
Accumulated Through 6/30/2020
Customer ID Officer GL Code Active Day Code Fixed Base Principal Bal Accruing Bal Commitment
Facility ID Branch Loan Type Maturity Perf Status Spread Interest Interest MTD Available
Loan ID Customer Name Revlr Cd Rate Code Rate Late Fee Daily Accrual Original Commit
FSD588616 Mark QECB 5/12/2017 Actual/365 0.0000000000 $1,644,211.00 $1,644,211.00 $1,644,211.00
006 BONDS Interest Only 5/12/2031 Performing 0.0000000000 $0.00 $0.00 $0.00
31801000 C
Virginia SAVES Green Community Prog 001 0.0000000000 $0.00 $0.00 $1,665,320.00
FSD588616 Mark QECB 9/28/2017 Actual/365 0.0000000000 $7,581,717.08 $7,581,717.08 $7,581,717.08
008 BONDS Interest Only 8/15/2029 Performing 0.0000000000 $0.00 $0.00 $0.00
31801010 C
Virginia SAVES Green Community Prog 001 0.0000000000 $0.00 $0.00 $7,900,000.00
FSD588616 Mark QECB 7/25/2017 Actual/365 0.0000000000 $1,780,141.47 $1,780,141.47 $1,780,141.47
007 BONDS Interest Only 7/15/2037 Performing 0.0000000000 $0.00 $0.00 $0.00
31801015 C
Virginia SAVES Green Community Prog 001 0.0000000000 $0.00 $0.00 $1,850,000.00
FSD588616 Mark QECB 12/29/2017 Actual/365 0.0000000000 $40,000,000.00 $40,000,000.00 $40,000,000.00
009 BONDS Interest Only 7/1/2050 Performing 0.0000000000 $0.00 $0.00 $0.00
31801060 C
Virginia SAVES Green Community Prog 001 0.0000000000 $0.00 $0.00 $40,000,000.00
Subtotals for: QECB $60,802,512.09 $60,802,512.09 $60,802,512.09
Number of Loans: 8 $0.00 $0.00 $0.00
$0.00 $0.00 $62,865,320.00
FSD35118 Anna TDRB 8/1/2018 Actual/365 0.0000000000 $12,120,000.00 $12,120,000.00 $25,040,000.00
001 BONDS Maturity 4/4/2028 Performing 0.0000000000 $0.00 $0.00 $0.00
31901085 C
Downtown Norfolk & Virginia Beach O 001 0.0000000000 $0.00 $0.00 $25,285,248.00
FSD35118 Anna TDRB 8/1/2018 Actual/365 0.0000000000 $4,305,000.00 $4,305,000.00 $25,040,000.00
001 BONDS Interest Only 4/1/2041 Performing 0.0000000000 $0.00 $0.00 $0.00
31901090 C
Downtown Norfolk & Virginia Beach O 001 0.0000000000 $0.00 $0.00 $25,285,248.00
FSD35118 Anna TDRB 8/1/2018 Actual/365 0.0000000000 $6,135,000.00 $6,135,000.00 $25,040,000.00
001 BONDS Interest Only 4/1/2048 Performing 0.0000000000 $0.00 $0.00 $0.00
31901095 C
Downtown Norfolk & Virginia Beach O 001 0.0000000000 $0.00 $0.00 $25,285,248.00
FSD35118 Anna TDRB 8/1/2018 Actual/365 0.0000000000 $2,480,000.00 $2,480,000.00 $25,040,000.00
001 BONDS Interest Only 4/1/2048 Performing 0.0000000000 $0.00 $0.00 $0.00
31901100 C
Downtown Norfolk & Virginia Beach O 001 0.0000000000 $0.00 $0.00 $25,285,248.00
Subtotals for: TDRB $25,040,000.00 $25,040,000.00 $25,040,000.00
Number of Loans: 4 $0.00 $0.00 $0.00
$0.00 $0.00 $25,285,248.00
Thursday, July 2, 2020 10:50:50AM Trial Balance Report By GL Code Page 8 of 9
Trial Balance Report By GL Code
Virginia Small Business Financing Authority-Bonds
Accumulated Through 6/30/2020
Customer ID Officer GL Code Active Day Code Fixed Base Principal Bal Accruing Bal Commitment
Facility ID Branch Loan Type Maturity Perf Status Spread Interest Interest MTD Available
Loan ID Customer Name Revlr Cd Rate Code Rate Late Fee Daily Accrual Original Commit
Grand Totals: $2,855,604,212.11 $2,855,604,212.11 $2,885,687,646.35
Number of Loans: 76 $0.00 $0.00 $30,083,434.24
$0.00 $0.00 $4,333,360,920.60
Thursday, July 2, 2020 10:50:50AM Trial Balance Report By GL Code Page 9 of 9
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