Department of the Treasury OIG OIG-26-009 (Audit of the Community Development Financial Institutions Fund’s Financial Statements for Fiscal Year 2025)
Summary
Audit Report OIG-26-009 of the Department of the Treasury Office of Inspector General, dated January 14, 2026, on the audit of the Community Development Financial Institutions (CDFI) Fund's financial statements for Fiscal Year 2025. The memorandum from Shiela Michel, Acting Director, Financial Statement Audits, states that KPMG LLP audited the statements as of September 30, 2025, under a contract monitored by the office. It reports that KPMG found the statements fairly presented in all material respects, no deficiencies in internal control considered material weaknesses, and no instances of reportable noncompliance with laws, regulations, and contracts tested. The attached report states that the CDFI Fund was created through the Riegle Community Development and Regulatory Improvement Act of 1994 and began operations in July 1995.
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Audit Report
OIG-26-009
FINANCIAL MANAGEMENT
Audit of the Community Development Financial
Institutions Fund’s Financial Statements for
Fiscal Year 2025
January 14, 2026
Office of Inspector General
Department of the Treasury
This Page Intentionally Left Blank
DEPARTMENT OF THE TREASURY
W AS H I N GT ON, D.C. 2 0220
January 14, 2026
OFFICE OF
INS PECT OR G EN ER AL
MEMORANDUM FOR ALEXANDRIA SMITH, ACTING DIRECTOR
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS
FUND
FROM: Shiela Michel /s/
Acting Director, Financial Statement Audits
SUBJECT: Audit of the Community Development Financial Institutions
Fund’s Financial Statements for Fiscal Year 2025
We hereby transmit the attached subject report. Under a contract monitored by
our office, KPMG LLP (KPMG), a certified independent public accounting firm,
audited the financial statements of the Community Development Financial
Institutions (CDFI) Fund as of September 30, 2025, and for the year then ended.
The contract required that the audit be performed in accordance with U.S.
generally accepted government auditing standards, Office of Management and
Budget Bulletin (OMB) No. 24-02, Audit Requirements for Federal Financial
Statements, and the Government Accountability Office/Council of the Inspectors
General on Integrity and Efficiency, Financial Audit Manual.
In its audit of the CDFI Fund, KPMG found
• the financial statements were fairly presented, in all material respects, in
accordance with U.S. generally accepted accounting principles;
• no deficiencies in internal control over financial reporting that are
considered material weaknesses; and
• no instances of reportable noncompliance with laws, regulations, and
contracts tested.
In connection with the contract, we reviewed KPMG’s reports and related
documentation and inquired of its representatives. Our review, as differentiated
from an audit performed in accordance with U.S. generally accepted government
auditing standards, was not intended to enable us to express, and we do not
Page 2
express, an opinion on CDFI Fund’s financial statements or conclusions on the
effectiveness of internal control or compliance with laws and regulations. KPMG is
responsible for the attached auditors’ report dated January 14, 2026, and the
conclusions expressed therein. However, our review disclosed no instances where
KPMG did not comply, in all material respects, with U.S. generally accepted
government auditing standards.
If you wish to discuss this report, please contact me at (202) 486-1415, or a
member of your staff may contact Felicia Silver, Acting Manager, Financial
Statement Audits, at (771) 210-6004.
Attachment
AGENCY FINANCIAL REPORT
FISCAL YEAR 2025
Community Development Financial Institutions Fund
U.S. Department of the Treasury
The content on this page is unaudited. Please see the accompanying auditors’ report.
TABLE OF CONTENTS
MESSAGE FROM THE DIRECTOR .................................................................................................... 1
MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED)...................................................... 2
INDEPENDENT AUDITORS’ REPORT ............................................................................................. 10
FINANCIAL STATEMENTS
BALANCE SHEET ...................................................................................................................................... 14
STATEMENT OF NET COST....................................................................................................................... 15
STATEMENT OF CHANGES IN NET POSITION .......................................................................................... 16
STATEMENT OF BUDGETARY RESOURCES .............................................................................................. 17
NOTES TO FINANCIAL STATEMENTS ............................................................................................ 18
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED)...................................................... 42
OTHER INFORMATION (UNAUDITED) .......................................................................................... 43
APPENDIX A: GLOSSARY OF ACRONYMS (UNAUDITED) ............................................................. 44
The content on this page is unaudited. Please see the accompanying auditors’ report.
Notes:
Capitalized terms used but not defined in this document have the meanings as defined in the Community
Development Financial Institutions Fund’s authorizing statute, applicable program regulations, or
applicable notice of availability.
Numerals with decimal units are shown to one decimal place and are rounded to the nearest tenth. For
example, 1.24 million is rounded down to 1.2 million, and 1.25 is rounded up to 1.3 million.
The content on this page is unaudited. Please see the accompanying auditors’ report.
MESSAGE FROM THE DIRECTOR | FY 2025 AGENCY FINANCIAL REPORT
MESSAGE FROM THE DIRECTOR MESSAGE FROM THE DIRECTOR | FY 2023 AGENCY FINANCIAL REPORT
I am pleased to present the fiscal year 2025 Agency Financial Report for the United States
Department of the Treasury’s Community Development Financial Institutions Fund (CDFI
Fund).
CDFI Fund award recipients successfully leverage billions in private sector investment to create
jobs, build affordable housing, and invest in neighborhood revitalization initiatives—all in
communities lacking access to traditional lending or banking institutions.
As for our financial performance, I am pleased to report that the CDFI Fund has received an
unmodified audit opinion of its financial statements. Based on our internal evaluation, our
financial and performance data have been validated as complete and reliable.
The CDFI Fund remains poised to implement its mission of expanding economic opportunity for
underserved people and communities by supporting the growth and capacity of a network of
community development lenders, investors, and financial service providers as Congress has
authorized and supported with annual appropriations.
Alexandria Smith
Acting Director
Community Development Financial Institutions Fund
1/14/2026
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND 1
MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) | FY 2025 AGENCY REPORT
MANAGEMENT’S DISCUSSION AND ANALYSIS
(UNAUDITED)
The Community Development Financial Institutions Fund (CDFI Fund), a wholly owned
government corporation, was created as a bipartisan initiative through the Riegle Community
Development and Regulatory Improvement Act of 1994 (Public Law (P.L.) 103-325) to perform a
wide range of functions to fulfill its mission. The CDFI Fund was placed in the United States
(U.S.) Department of the Treasury (Treasury) and began operations in July 1995.
The CDFI Fund has worked for more than a quarter of a century to generate economic opportunity
where it is needed most. It accomplishes this through various programs it administers, all aimed at
expanding the availability of credit, investment capital, and financial and other services in
distressed urban, rural, and Native American communities.
People and communities with limited access to financial services and products lack the tools they
need to save for the future, build credit, buy a home, start a business, and develop affordable
housing and community facilities. As a result, they have fewer opportunities to grow, thrive and
join America’s economic mainstream.
The CDFI Fund envisions an America in which all people and communities have access to the
investment capital and financial services they need to prosper.
Its mission is to expand economic opportunity for underserved people and communities by
supporting the growth and capacity of a national network of community development lenders,
investors, and financial service providers.
For additional information about the CDFI Fund please visit: https://www.cdfifund.gov/
The financial statements are prepared to report the financial position, financial condition, and
results of operations, consistent with the requirements of 31 United States Code § 3515(b). The
statements are prepared from records of Federal entities in accordance with U.S. Generally
Accepted Accounting Principles and the formats prescribed by Office of Management and Budget
(OMB). Reports used to monitor and control budgetary resources are prepared from the same
records. Users of the statements are advised that the statements are for a component of the U.S.
government.
The CDFI Fund generates economic opportunity in underserved low-income communities by
expanding access to credit, capital, and financial services. It accomplishes this by providing capital
through the following active programs in fiscal year (FY) 2025:
Community Development Financial Institutions Program (CDFI Program) –
Established in 1994 through the CDFI Fund’s authorizing legislation, the Riegle
Community Development and Regulatory Improvement Act of 1994 (P.L. 103-325), the
CDFI Program invests in and builds the capacity of Community Development Financial
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND 2
MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) | FY 2025 AGENCY REPORT
Institutions (CDFIs), empowering them to grow, achieve organizational sustainability, and
contribute to the revitalization of their communities. The purpose of the CDFI Program is
to increase the capacity of CDFIs to serve low-income people and underserved
communities. The program has two primary components:
• Financial Assistance (FA) awards – Grant, loan, and equity awards provided to support
the financing activities of CDFIs.
• Technical Assistance (TA) awards – Grants provided to support the capacity-building
activities of CDFIs.
In FY 2011, the CDFI Fund launched the Healthy Food Financing Initiative (HFFI).
Through the CDFI Program, it provides HFFI-FA grant awards to support a wide range of
activities that expand access to healthy foods in low-income communities.
The CDFI Program has a “Fund Balance with Treasury” of $255.4 million (or 27.7
percent), resulting from appropriated funding yet to be disbursed and direct loan fund
balance to be used to repay debt in FY 2026. Other than intra-governmental “Loans
Receivable, Net” of $48.0 million, (or 3.0 percent), represents loans issued by the CDFI
Program to private sector borrowers. Other than intra-governmental “Advances and
Prepayments” represents grant funding that has been disbursed to CDFI Fund recipients,
but not yet recognized as expense, as the recipients have yet to use the award funding. The
CDFI Program has “Advances and Prepayments” of $119.5 million (or 17.7 percent). Debt
is incurred when financing CDFI Program direct loans. The CDFI Program has $47.7
million (or 3.0 percent) in “Debt” owed to Treasury.
Total Net Position represents the combined total of cumulative results of operations and
unexpended appropriations at the end of the fiscal year. “Net Change in Unexpended
Appropriations” represents the gross amount of appropriations received and used. In FY
2025, the CDFI Program received $212.0 million (or 65.4 percent) in new appropriations
and used $306.2 million (or 42.6 percent) in total appropriations.
The CDFI Program incurred grant expense, as a result of recipients’ reported use of award
funding, of $305.8 million (or 32.8 percent) which is represented as a part of “Gross Costs”
on the Statement of Net Cost.
In FY 2025, the CDFI Program obligated more than $84.6 million in awards to 299 CDFIs,
for portions of the 2024 and 2025 funding rounds. The CDFI Program also outlaid award
funding of $403.5 million to 609 CDFIs from the 2020, 2021, 2022, and 2024 funding
rounds. Additionally, $0.1 million was recaptured from one award found to be
noncompliant.
During the FY 2025 funding round, the CDFI Fund received 502 FA Applications. Based
on this volume, the program required 33 percent fewer external reviewers than projected
for Step 3: Business Plan Review, resulting in a projected cost savings of $123,200
compared to the contract ceiling. Staff streamlined each step of the review process,
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND 3
MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) | FY 2025 AGENCY REPORT
reducing the amount of justification required without increasing risk. These changes are
expected to save approximately two hours of CDFI Fund staff time per FA Application.
The CDFI Program is actively aligning its funding goals and priorities with Presidential
administrative priorities to provide future FA and TA awards.
Native American CDFI Assistance Program (NACA Program) – Established in 1994
through the CDFI Fund’s authorizing legislation, the Riegle Community Development and
Regulatory Improvement Act of 1994 (P.L. 103-325), the Native Initiatives program was
launched in 2001 to help Native communities — defined as Native American, Alaska
Native, and Native Hawaiian communities — grow by increasing their access to credit,
capital, and financial services. By building and strengthening Native CDFIs, the NACA
Program helps these community-based organizations increase access to credit, capital, and
financial services in their communities, which in turn creates jobs, develops affordable
housing, and provides opportunities for Native American, Alaska Native, and Native
Hawaiian people to obtain appropriate financial services and counseling.
The NACA Program has a “Fund Balance with Treasury” of $40.2 million (or 4.4 percent),
resulting from appropriated funding yet to be disbursed. Additionally, the NACA Program
has “Advances and Prepayments” of $13.2 million (or 2.0 percent).
In FY 2025, the NACA Program received $28.0 million (or 8.6 percent) in new
appropriations and used $34.9 million (or 4.8 percent) in total appropriations.
The NACA Program incurred grant expense, as a result of recipients’ reported use of award
funding, of $34.9 million (or 3.7 percent) which is represented as a part of “Gross Costs”
on the Statement of Net Cost.
The NACA Program obligated in FY 2025 more than $5.7 million in TA awards to 20
CDFIs, to include portions of the 2024 and 2025 funding rounds. In FY 2025, the NACA
Program outlaid award funding of $46.0 million to 41 CDFIs from the 2021, 2022, and
2024 funding rounds.
For the FY 2025 funding round, staff identified and streamlined areas in each step of the
review process, reducing the amount of justification required without increasing risk. The
CDFI Fund anticipates the implemented changes will cut approximately two hours of CDFI
Fund staff time per FA Application.
The NACA Program is actively aligning its funding goals and priorities with Presidential
administrative priorities to provide future FA and TA awards.
Depository Institution Initiatives (DII) includes:
- Bank Enterprise Award Program (BEA Program) – Established in 1994 through
the CDFI Fund’s authorizing legislation, the Riegle Community Development and
Regulatory Improvement Act of 1994 (P.L. 103-325), the BEA Program recognizes and
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND 4
MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) | FY 2025 AGENCY REPORT
seeks to expand the important role that traditional banks and thrifts play in community
development. The BEA Program provides monetary awards to federally-insured banks
and thrifts that demonstrate increased lending, investment, and service activities in the
most economically distressed communities and/or in Certified CDFIs. The BEA
Program defines “the most economically distressed communities” as those where at least
30 percent of the residents have incomes below the national poverty level and where the
unemployment rate is at least 1.5 times the national unemployment rate. The program
targets communities with the greatest needs and generates economic opportunity for
those with the least access to financial products and services.
The BEA Program has a “Fund Balance with Treasury” of $40.1 million (or 4.4
percent), resulting from appropriated funding yet to be disbursed.
In FY 2025, the BEA Program received $40.0 million (or 12.3 percent) in new
appropriations and used $0.3 million (or 0.04 percent) in total appropriations.
The BEA Program outlaid award funding of $40.1 million to 168 CDFIs from the
2024 funding round.
- Small Dollar Loan Program (SDL Program) – The SDL Program, authorized by the
Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203), was
enacted through the Consolidated Appropriations Act, 2020 (P.L. 116-93). The SDL
Program helps Certified CDFIs address the issue of expanding consumer access to
mainstream financial institutions and provides alternatives to high-cost small dollar loans
that are prevalent in low-income communities. The program provides Loan Loss
Reserve and TA grants to help Certified CDFIs offer fair and affordable small dollar
loan products in communities underserved by mainstream financial institutions.
The SDL Program has a “Fund Balance with Treasury” of $9.8 million (or 1.1 percent),
resulting from appropriated funding yet to be disbursed. Additionally, the SDL Program
has “Advances and Prepayments” of $4.4 million (or 0.6 percent).
In FY 2025, the SDL Program received $9.0 million (or 2.8 percent) in new
appropriations and used $7.9 million (or 1.1 percent) in total appropriations.
The SDL Program incurred grant expense, as a result of recipients’ reported use of award
funding, of $7.9 million (or 0.8 percent) which is represented as a part of “Gross Costs”
on the Statement of Net Cost.
The SDL Program outlaid award funding of $0.2 million to 11 CDFIs from the 2024
funding round.
The DII has enhanced and streamlined the BEA Program and the SDL Program
applications and review processes in the CDFI Fund’s Awards Management Information
System, improving data validations, accuracy, and user experience, resulting in reduced
burden for applicants and CDFI Fund staff.
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND 5
MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) | FY 2025 AGENCY REPORT
The DII is actively aligning its funding goals and priorities with Presidential administrative
priorities to provide future awards.
Capital Magnet Fund (CMF) – Enacted through the Housing and Economic Recovery of
2008 (P.L. 110-289), the CMF was created to spur investment in affordable housing and
related economic development initiatives that serve low-income families and low-income
communities across the nation. The CMF provides awards to Certified CDFIs and nonprofit
affordable housing organizations for the development, preservation, rehabilitation, and
purchase of affordable housing and for related economic development in low-income
communities. CMF award recipients are required to finance and/or support 10 times the
grant amount in eligible project costs.
The CMF has a “Fund Balance with Treasury” of $291.0 million (or 31.6 percent),
resulting from restricted funds from the Government Sponsored Enterprises (GSE) funding
yet to be disbursed. Additionally, the CMF has “Advances and Prepayments” of $360.1
million (or 53.3 percent).
The CMF does not receive congressionally appropriated funding; however, restricted funds
received from the GSEs in FY 2025 were recognized for $116.5 million as
“Appropriations” on the Statement of Budgetary Resources.
The CMF incurred grant expense, as a result of recipients’ reported use of award funding,
of $251.1 million (or 27.0 percent) which is represented as a part of “Gross Costs” on the
Statement of Net Cost.
The CMF obligated $246.4 million in awards to 48 organizations through the 2024 funding
round for the development of affordable housing and community facilities serving low-
income individuals, families, and communities. In FY 2025, the CMF outlaid award
funding of $247.9 million to 50 CDFIs from the 2023 and 2024 funding rounds.
In FY 2025, the CDFI Fund invested in building out the CMF program application, as well
as compliance and reporting functions. These improvements reduced the cost and impact
on external stakeholders and internal CMF program and compliance staff for managing all
application, compliance, and amendment requests, as the number of CMF awards under
management grows. Additionally, the CMF’s reassessment of the environmental review
regulations and related guidance confirmed that it is highly unlikely that CMF projects will
trigger federal environmental review requirements and associated costs, which are
budgeted at a cost of up to $150,000 per year.
The CMF is actively aligning its funding goals and priorities with Presidential
administrative priorities to provide future awards.
CDFI Bond Guarantee Program (CDFI BGP) – Enacted through the Small Business
Jobs Act of 2010 (P.L. 111-240), the CDFI BGP responds to the critical market demand for
long-term, low-cost capital that can be used to spur economic growth in low-income
communities. The CDFI BGP accelerates the economic revitalization of low-income
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND 6
MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) | FY 2025 AGENCY REPORT
communities by giving CDFIs access to a significant source of long-term capital. Unlike
other CDFI Fund programs, the CDFI BGP does not offer grants. Instead, it is a federal
credit program designed to function at no cost to taxpayers. The bonds are debt instruments
that must be repaid.
The CDFI BGP has a “Fund Balance with Treasury” of $10.7 million (or 1.2 percent),
resulting from direct loan fund balance to be used to repay debt in FY 2026. Other than
intra-governmental “Loans Receivable, Net” of $1.6 billion (or 97.0 percent), represents
loans issued by the CDFI BGP to private sector borrowers. Debt is incurred when financing
CDFI BGP direct loans. The CDFI BGP has $1.6 billion (or 97.0 percent) in “Debt” owed
to Federal Financing Bank and Treasury.
In FY 2025, the CDFI BGP obligated $100.0 million to one CDFI and outlaid award
funding of $215.7 million to 11 CDFIs from the 2019 through 2024 funding rounds.
The CDFI BGP is structured as a negative subsidy program which will generate revenue over
the life of the program for Treasury rather than a cost.
New Markets Tax Credit Program (NMTC Program) – Enacted through the
Community Renewal Tax Relief Act of 2000 (P.L. 106-554), the NMTC Program was
established to attract private investment to underserved communities by offering a tax
credit to investors. One of the most significant obstacles to economic development in low-
income communities is the lack of access to private investment capital. The NMTC
Program is designed to attract new private investment to qualifying businesses located in
low-income communities (generally defined as population Census Tracts with at least 20
percent poverty or 80 percent or less of the median family income) or businesses that are
owned by, employ, or serve low-income targeted populations. The NMTC Program attracts
private investment by permitting individual and corporate investors to receive a tax credit
against their federal income tax in exchange for making Qualified Equity Investments in
specialized financial intermediaries called Certified Community Development Entities.
In FY 2025, the One Big Beautiful Bill Act (P.L. 119-21) permanently authorized the
NMTC Program.
Emergency Support Programs includes:
- CDFI Equitable Recovery Program (CDFI ERP) – The Consolidated
Appropriations Act, 2021 (P.L. 116-260) provided $1.8 billion to the CDFI Fund to
award CDFIs grants to respond to the economic impacts of the Coronavirus Disease of
2019 (COVID-19) pandemic. Awards provided to CDFIs are meant to expand lending,
grant making, and investment activity in low- or moderate-income communities and to
borrowers that have significant unmet capital or financial services needs and were
disproportionately impacted by the COVID-19 pandemic; awards also enable CDFIs
to build organizational capacity and acquire technology, staff, and other tools necessary
to accomplish these activities. The only application round of the CDFI ERP was
awarded in FY 2023.
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND 7
MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) | FY 2025 AGENCY REPORT
The CDFI ERP has a “Fund Balance with Treasury” of $57.6 million (or 6.3 percent),
resulting from appropriated funding yet to be disbursed. Additionally, the CDFI ERP
has “Advances and Prepayments” of $178.4 million (or 26.4 percent).
In FY 2025, the CDFI ERP used $334.1 million (or 46.4 percent) in appropriations.
The CDFI ERP incurred grant expense, as a result of recipients’ reported use of award
funding, of $328.5 million (or 35.3 percent) which is represented as a part of “Gross
Costs” on the Statement of Net Cost.
The CDFI ERP outlaid award funding of $141.9 million to 139 CDFIs and recaptured
$0.8 million from two awards found to be noncompliant.
- CDFI Rapid Response Program (CDFI RRP) – The Consolidated Appropriations
Act, 2021 (P.L. 116-260) provided $1.3 billion for the CDFI Fund to provide grants to
enable Certified CDFIs to support, prepare for, and respond to the economic impact of
COVID-19. Unlike the CDFI Fund’s competitive funding programs, the CDFI RRP
was a formula-based grant program designed to provide awards to all eligible
applicants. The only application round of the CDFI RRP was conducted in FY 2021.
The CDFI RRP is winding down and anticipates recognizing the remainder of
recipients’ uses of award funding on the Statement of Net Cost and Statement of
Changes in Net Position in FY 2026.
The CDFI RRP has a “Fund Balance with Treasury” of $2.8 million (or 0.3 percent),
resulting from appropriated funding awarded to grantees then subsequently
recaptured or de-obligated. The fund balance will be returned to Treasury’s General
Fund in FY 2026. Additionally, the CDFI RRP has “Advances and Prepayments” of
$0.2 million (or 0.02 percent).
In FY 2025, the CDFI RRP used $3.3 million (or 0.5 percent) in appropriations.
The CDFI RRP incurred grant expense, as a result of recipients’ reported use of award
funding, of $3.3 million (or 0.4 percent) which is represented as a part of “Gross Costs”
on the Statement of Net Cost.
The CDFI Fund’s Annual Performance Report will be issued by March 1, 2026. The report will
be available online at https://www.cdfifund.gov/news-events
ANALYSIS OF SYSTEMS, CONTROLS, AND LEGAL COMPLIANCE
CDFI Fund management is responsible for managing risks and maintaining effective internal
control and financial management systems to meet the objectives of the Federal Managers’
Financial Integrity Act (FMFIA) and the Federal Financial Management Improvement Act
(FFMIA). The CDFI Fund conducted its assessment of risk and control in accordance with OMB
Circular A-123 (OMB A-123), Management’s Responsibility for Enterprise Risk Management
and Internal Control, which includes a comprehensive risk-based internal control evaluation
plan. This plan includes a methodology that identifies and documents key controls and provides
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND 8
MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) | FY 2025 AGENCY REPORT
for the assessment and testing of those controls to obtain reasonable assurance that the controls
are designed, implemented, and operating effectively.
The CDFI Fund uses centralized financial management and budget formulation hosting services
provided by the Bureau of the Fiscal Service Administrative Resource Center (FS-ARC). The
shared service approach enables the CDFI Fund to have access to core financial systems without
having to maintain separate technical and system architectures. Using shared services reduces the
need for the CDFI Fund to maintain duplicative financial management systems, thereby
promoting efficiency and cost saving measures, while enhancing the quality, timeliness, and
accuracy of financial management processes. The FFMIA requires federal agencies to implement
and maintain financial management systems that substantially comply with federal financial
management systems requirements, applicable federal accounting standards, and the U.S.
Standard General Ledger at the transaction level. As a component of Treasury, the CDFI Fund
assesses its financial management systems annually for conformance, in accordance with OMB
A-123, Appendix D, Compliance with the Federal Financial Management Improvement Act of
1996. The CDFI Fund uses FS-ARC’s financial management system as part of a shared service
arrangement and relies on FS-ARC’s Service Organization Control 1-Type 2 report and the FS-
ARC FFMIA Assessment to conduct its review.
Based on the results of the assessments of internal controls and financial management systems
referred to above, the CDFI Fund can provide reasonable assurance that, in accordance with
Section 2 of the FMFIA, the CDFI Fund’s internal control over operations, reporting, and
compliance with laws and regulations was operating effectively as of September 30, 2025. In
addition, the CDFI Fund can provide reasonable assurance that, as of September 30, 2025, the
CDFI Fund’s financial management systems are in substantial conformance with the federal
financial management systems requirements of Section 4 of the FMFIA.
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND 9
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Independent Auditors’ Report
Deputy Inspector General, U.S. Department of the Treasury
Acting Director, Community Development Financial Institutions Fund:
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of the Community Development Financial Institutions Fund (CDFI
Fund), which comprise the balance sheet as of September 30, 2025, and the related statements of net cost,
changes in net position, and budgetary resources for the year then ended, and the related notes to the financial
statements.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial
position of the CDFI Fund as of September 30, 2025, and its net cost, changes in net position, and budgetary
resources for the year then ended in accordance with U.S. generally accepted accounting principles.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America (GAAS), the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States, and Office of Management and Budget (OMB) Bulletin
No. 24-02, Audit Requirements for Federal Financial Statements. Our responsibilities under those standards
and OMB Bulletin No. 24-02 are further described in the Auditors’ Responsibilities for the Audit of the Financial
Statements section of our report. We are required to be independent of the CDFI Fund and to meet our other
ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Other Matter - Interactive Data
Management has elected to reference to information on websites or other forms of interactive data outside the
Agency Financial Report to provide additional information for the users of its financial statements. Such
information is not a required part of the financial statements or supplementary information required by the
Federal Accounting Standards Advisory Board. The information on these websites or the other interactive data
has not been subjected to any of our auditing procedures, and accordingly we do not express an opinion or
provide any assurance on it.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance
with U.S. generally accepted accounting principles, and for the design, implementation, and maintenance of
internal control relevant to the preparation and fair presentation of financial statements that are free from
material misstatement, whether due to fraud or error.
KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of
the KPMG global organization of independent member firms affiliated with KPMG 10
International Limited, a private English company limited by guarantee.
Auditors’ Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our
opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not
a guarantee that an audit conducted in accordance with GAAS, Government Auditing Standards, and OMB
Bulletin No. 24-02 will always detect a material misstatement when it exists. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are
considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence
the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with GAAS, Government Auditing Standards, and OMB Bulletin
No. 24-02, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud
or error, and design and perform audit procedures responsive to those risks. Such procedures include
examining, on a test basis, evidence regarding the amounts and disclosures in the financial
statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the CDFI Fund’s internal control. Accordingly, no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate that
raise substantial doubt about the CDFI Fund’s ability to continue as a going concern for a reasonable
period of time.
We are required to communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit, significant audit findings, and certain internal control related matters that
we identified during the audit.
Required Supplementary Information
U.S. generally accepted accounting principles require that the information in the Management’s Discussion and
Analysis and Required Supplementary Information sections be presented to supplement the basic financial
statements. Such information is the responsibility of management and, although not a part of the basic financial
statements, is required by the Federal Accounting Standards Advisory Board who considers it to be an
essential part of financial reporting for placing the basic financial statements in an appropriate operational,
economic, or historical context. We have applied certain limited procedures to the required supplementary
information in accordance with GAAS, which consisted of inquiries of management about the methods of
preparing the information and comparing the information for consistency with management’s responses to our
inquiries, the basic financial statements, and other knowledge we obtained during our audits of the basic
financial statements. We do not express an opinion or provide any assurance on the information because the
limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Other Information
Management is responsible for the other information included in the Agency Financial Report. The other
information comprises the Message from the Director, Table of Contents, Other Information - Summary of
11
Financial Statement Audit and Management Assurances, and Appendix A: Glossary of Acronyms but does not
include the financial statements and our auditors’ report thereon. Our opinion on the financial statements does
not cover the other information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and
consider whether a material inconsistency exists between the other information and the financial statements, or
the other information otherwise appears to be materially misstated. If, based on the work performed, we
conclude that an uncorrected material misstatement of the other information exists, we are required to describe
it in our report.
Other Reporting Required by Government Auditing Standards
Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements as of and for the year ended September 30,
2025, we considered the CDFI Fund’s internal control over financial reporting (internal control) as a basis for
designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion
on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the CDFI
Fund’s internal control. Accordingly, we do not express an opinion on the effectiveness of the CDFI Fund’s
internal control. We did not test all internal controls relevant to operating objectives as broadly defined by the
Federal Managers’ Financial Integrity Act of 1982.
A deficiency in internal control exists when the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions, to prevent, or detect and correct,
misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in
internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial
statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a
deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet
important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section
and was not designed to identify all deficiencies in internal control that might be material weaknesses or
significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal
control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies
may exist that were not identified.
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the CDFI Fund’s financial statements as of and for
the year ended September 30, 2025 are free from material misstatement, we performed tests of its compliance
with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could
have a direct and material effect on the financial statements. However, providing an opinion on compliance with
those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The
results of our tests disclosed no instances of noncompliance or other matters that are required to be reported
under Government Auditing Standards or OMB Bulletin No. 24-02.
Purpose of the Other Reporting Required by Government Auditing Standards
The purpose of the communication described in the Report on Internal Control Over Financial Reporting and
the Report on Compliance and Other Matters sections is solely to describe the scope of our testing of internal
control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the
CDFI Fund’s internal control or compliance. This communication is an integral part of an audit performed in
12
accordance with Government Auditing Standards in considering the CDFI’s internal control and compliance.
Accordingly, this communication is not suitable for any other purpose.
Washington, D.C.
January 14, 2026
13
FINANCIAL SECTION | FY 2025 AGENCY FINANCIAL REPORT
Balance Sheet
(in thousands) As of September 30, 2025
ASSETS
Intra-Governmental:
Fund Balance with Treasury (Note 2) $ 920,581
Total Intra-Governmental 920,581
Other than Intra-Governmental:
Accounts Receivable, Net (Note 3) 89,005
Loans Receivable, Net (Note 4) 1,600,829
Advances and Prepayments (Note 5) 675,725
Investments, Net (Note 6) 35,977
Property, Plant & Equipment, Net 14,653
Total Other than Intra-Governmental 2,416,189
Total Assets $ 3,336,770
LIABILITIES
Intra-Governmental:
Debt (Note 7) $ 1,599,557
Other Liabilities:
Due to the General Fund 17,862
Other Liabilities (Note 8) 4,313
Total Intra-Governmental 1,621,732
Other than Intra-Governmental:
Other Liabilities (Note 8) 1,905
Total Other than Intra-Governmental 1,905
Total Liabilities $ 1,623,637
Commitments (Note 9)
NET POSITION
Unexpended Appropriations:
Funds from Other than Dedicated Collections $ 738,021
Total Unexpended Appropriations (Consolidated) 738,021
Cumulative Results of Operations:
Funds from Dedicated Collections (Note 10) 742,976
Funds from Other than Dedicated Collections 232,136
Total Cumulative Results of Operations (Consolidated) 975,112
Total Net Position $ 1,713,133
Total Liabilities and Net Position $ 3,336,770
The accompanying notes are an integral part of these financial statements.
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND 14
FINANCIAL SECTION | FY 2025 AGENCY FINANCIAL REPORT
Statement of Net Cost
(in thousands) For the Fiscal Year Ended September 30, 2025
CDFI Program
Gross Costs $ 309,630
Less: Earned Revenue (2,043)
Net Program Cost 307,587
NACA Program
Gross Costs 35,091
Less: Earned Revenue -
Net Program Cost 35,091
Depository Institutions Initiative (BEA Program and SDL Program)
Gross Costs 8,746
Less: Earned Revenue -
Net Program Cost 8,746
CMF
Gross Costs 252,947
Less: Earned Revenue -
Net Program Cost 252,947
CDFI BGP
Gross Costs 23,669
Less: Earned Revenue (40,276)
Net Program Revenue (16,607)
Emergency Support Programs (CDFI RRP and CDFI ERP)
Gross Costs 337,344
Less: Earned Revenue -
Net Program Cost 337,344
NMTC Program
Gross Costs 2,110
Less: Earned Revenue -
Net Program Cost 2,110
Costs not Assigned to Programs
Gross Costs 30,057
Less: Earned Revenue -
Net Program Cost 30,057
Total Gross Costs 999,594
Less: Total Earned Revenue (42,319)
Total Net Cost of Operations $ 957,275
The accompanying notes are an integral part of these financial statements
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND 15
FINANCIAL SECTION | FY 2025 AGENCY FINANCIAL REPORT
Statement of Changes in Net Position
For the Fiscal Year Ended September 30, 2025
Funds from Funds from
Dedicated Other than
Collections Dedicated
(Consolidated Collections
Totals) (Consolidated Consolidated
(in thousands) (Note 10) Totals) Total
UNEXPENDED APPROPRIATIONS
Beginning Balance $ - $ 1,136,456 $ 1,136,456
Appropriations Received - 324,000 324,000
Appropriations Transferred In/(Out) - (1,100) (1,100)
Other Adjustments - (1,867) (1,867)
Appropriations Used - (719,468) (719,468)
Net Change in Unexpended Appropriations - (398,435) (398,435)
Total Unexpended Appropriations - 738,021 738,021
CUMULATIVE RESULTS OF OPERATIONS
Beginning Balance 871,900 96,432 968,332
Appropriations Used - 719,468 719,468
GSE Fees and Other Non-Exchange Revenue 124,023 - 124,023
Transfers In/(Out) Without Reimbursement - 138,993 138,993
Imputed Financing Sources - 2,211 2,211
Transfers to the General Fund - (20,640) (20,640)
Total Net Cost of Operations (252,947) (704,328) (957,275)
Net Change in Cumulative Results of Operations (128,924) 135,704 6,780
Total Cumulative Results of Operations 742,976 232,136 975,112
NET POSITION $ 742,976 $ 970,157 $ 1,713,133
The accompanying notes are an integral part of these financial statements.
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND 16
FINANCIAL SECTION | FY 2025 AGENCY FINANCIAL REPORT
Statement of Budgetary Resources
For the Fiscal Year Ended September 30, 2025
Non-
Budgetary
Credit
Reform
Financing
(in thousands) Budgetary Account Total
Budgetary Resources
Unobligated Balance from Prior Year Budget Authority,
$ 577,878 $ 15 $ 577,893
Net (Discretionary and Mandatory) (Note 11)
Appropriations (Discretionary and Mandatory) 438,793 - 438,793
Borrowing Authority (Discretionary and Mandatory) - 109,047 109,047
Spending Authority from Offsetting Collections
135,928 51,255 187,183
(Discretionary and Mandatory)
Total Budgetary Resources $ 1,152,599 $ 160,317 $ 1,312,916
Status of Budgetary Resources
New Obligations and Upward Adjustments (Total) $ 372,984 $ 149,468 $ 522,452
Unobligated Balance, End of Year
Apportioned, Unexpired Accounts 359,486 10,849 370,335
Unapportioned, Unexpired Accounts 405,809 - 405,809
Unexpired Unobligated Balance, End of Year 765,295 10,849 776,144
Expired Unobligated Balance, End of Year 14,320 - 14,320
Unobligated Balance, End of Year (Total) 779,615 10,849 790,464
Total Budgetary Resources $ 1,152,599 $ 160,317 $ 1,312,916
Outlays, Net and Disbursements, Net
Outlays, Net (Total) (Discretionary and Mandatory) $ 774,108 $ - $ 774,108
Distributed Offsetting Receipts (126,410) - (126,410)
Agency Outlays, Net (Discretionary and Mandatory) $ 647,698 $ - $ 647,698
Disbursements, Net (Total) (Mandatory) $ 160,042 $ 160,042
The accompanying notes are an integral part of these financial statements.
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND 17
FINANCIAL SECTION | FY 2025 AGENCY FINANCIAL REPORT
NOTES TO FINANCIAL STATEMENTS
1 - Summary of Significant Accounting Policies
A. Reporting Entity
The Community Development Financial Institutions Fund (CDFI Fund or the Fund), a government
corporation, was created as a bipartisan initiative in the Riegle Community Development and
Regulatory Improvement Act of 1994 (Public Law (P.L.) 103-325). The CDFI Fund was placed
within the United States (U.S.) Department of the Treasury (Treasury) and began operations in July
1995.
The CDFI Fund operates various programs aimed at expanding the availability of credit, investment
capital, and financial and other services in distressed urban, rural, and Native American
communities. The CDFI Fund’s mission is to expand economic opportunity for underserved people
and communities by supporting the growth and capacity of a national network of community
development lenders, investors, and financial service providers.
The major programs operated by the CDFI Fund are the:
• Community Development Financial Institutions Program (CDFI Program)
• Native American CDFI Assistance Program (NACA Program)
• Bank Enterprise Award Program (BEA Program)
• Small Dollar Loan Program (SDL Program)
• Capital Magnet Fund (CMF)
• CDFI Bond Guarantee Program (CDFI BGP)
• New Markets Tax Credit Program (NMTC Program)
• CDFI Rapid Response Program (CDFI RRP)
• CDFI Equitable Recovery Program (CDFI ERP)
The CDFI Program provides financial assistance (FA) and technical assistance (TA) awards to
Community Development Financial Institutions (CDFIs) which in turn provide financial products
and complementary services to create community development impact in underserved markets. FA
awards take the form of grants, direct loans, and investments. TA grants provide aid to start-up and
early-stage CDFIs and entities planning to become CDFIs.
The NACA Program provides grants to help create CDFIs and to build the capacity of Native CDFIs
that serve primarily Native American, Native Alaskan, and Native Hawaiian communities.
The BEA Program provides incentives to insured depository institutions (banks and thrifts) to invest
in CDFIs and to increase their lending and financial services in distressed communities. Program
participants are selected based on projected achievements. The awards are disbursed after the
activities have been implemented successfully, to ensure that only completed activities are
recognized and that the CDFI Fund’s limited dollars are effectively leveraged with private capital.
The SDL Program, authorized by the Dodd-Frank Wall Street Reform and Consumer Protection Act
(P.L. 111-203), was enacted through the Consolidated Appropriations Act, 2020 (P.L. 116-93). The
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND 18
FINANCIAL SECTION | FY 2025 AGENCY FINANCIAL REPORT
purpose of the SDL Program is to provide grants for loan loss reserves and TA to enable Certified
CDFIs to establish and maintain small dollar loan programs.
The CMF, enacted through the Housing and Economic Recovery Act of 2008 (P.L. 110-289),
provides competitively awarded grants to CDFIs and qualified non-profit housing organizations.
These awards can be used to finance affordable housing activities, as well as related economic
development activities (including community service facilities). Award recipients can utilize funds
to create financing tools such as loan loss reserves, revolving loan funds, risk sharing loans, and loan
guarantees. Organizations that receive the CMF awards are required to finance housing and
community development investments costing at least ten times the award amount.
The CDFI BGP was enacted through the Small Business Jobs Act of 2010 (P.L. 111-240). The CDFI
Fund administers the program and the Secretary of the Treasury (Secretary) issues direct loans for
the full amount of bonds issued to support CDFIs that make investments for eligible community or
economic development purposes. The bonds support CDFI lending and investment by providing a
source of long-term, patient capital to CDFIs.
The NMTC Program, enacted through the Community Renewal Tax Relief Act of 2000 (P.L. 106-
554), provides tax credit allocation authority to Community Development Entities (CDEs), which
use these credits to attract private sector investment. Proceeds from these investments are used for
community development purposes. Unlike the CDFI Fund’s grant programs and the CDFI BGP, the
tax credit allocation authority to CDEs has no effect on the financial statements of the CDFI Fund.
The CDFI RRP was enacted through the Consolidated Appropriations Act, 2021 (P.L. 116-260).
The program was designed to quickly deploy capital, through grants, to Certified CDFIs to support,
prepare for, and respond to the economic impact of the Coronavirus Disease of 2019 (COVID-19)
pandemic.
The CDFI ERP was also enacted through P.L. 116-260. The program was designed to provide grants
to CDFIs to expand lending, grant making and investment activities in low- or moderate-income
communities and borrowers that have experienced disproportionate economic impacts from the
COVID-19 pandemic.
B. Basis of Accounting and Presentation
The accompanying financial statements have been prepared from the CDFI Fund’s accounting
records in conformity with U.S. Generally Accepted Accounting Principles (GAAP) for federal
entities, and Office of Management and Budget (OMB) Circular No. A-136, Financial Reporting
Requirements, as revised. Accounting principles generally accepted for federal entities are the
standards prescribed by the Federal Accounting Standards Advisory Board (FASAB). The American
Institute of Certified Public Accountants recognizes FASAB as the official accounting standards-
setting body for the U.S. government. Certain presentations and disclosures may be modified, if
needed, to prevent the disclosure of classified information.
These financial statements consist of the Balance Sheet, the Statement of Net Cost, the Statement of
Changes in Net Position, and the Statement of Budgetary Resources. The statements and the related
notes are prepared in a single-year format to present fiscal year (FY) 2025 information. These
statements should be read with the understanding that they are for a component of the U.S.
government, a sovereign entity.
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND 19
FINANCIAL SECTION | FY 2025 AGENCY FINANCIAL REPORT
Intra-governmental assets and liabilities are those due from or to other federal entities. Intra-
governmental earned revenues are collections or accruals of revenue from other federal entities, and
intra-governmental costs are payments or accruals of expenditures to other federal entities.
There are numerous acronyms used throughout the notes herein as well as other sections of this
Agency Financial Report. Refer to the “Glossary of Acronyms (Unaudited)” located in the Appendix
of this report for a complete listing of these acronyms and their definitions.
C. Fund Balance with Treasury
Fund Balance with Treasury is composed of appropriated and borrowed funds (financing accounts)
that are available to pay liabilities and finance authorized awards and purchase commitments. Also
included are restricted funds from the Government Sponsored Enterprises (GSE) used to finance
activities for the CMF and investment proceeds transferred from Treasury’s Emergency Capital
Investment Program (ECIP). The Fund Balance with Treasury amounts represent commitments by
the U.S. government to provide resources for particular programs, but do not represent assets to the
government as a whole. The CDFI Fund does not maintain cash in commercial bank accounts.
Treasury processes cash receipts and disbursements.
D. Loans Receivable, Net
The CDFI Fund makes direct loans to certain CDFI Program and CDFI BGP awardees. The CDFI
Fund accounts for the direct loans under the provisions of credit reform accounting pursuant to the
Federal Credit Reform Act of 1990 (FCRA).
To account for the credit program receivables, the CDFI Fund applies the accounting provisions of
Statement of Federal Financial Accounting Standards (SFFAS) 2, Accounting for Direct Loans and
Loan Guarantees, as amended. SFFAS 2 requires measurement of the asset or liability at the net
present value of the estimated future cash flows. The cash flow estimates for each credit program
transaction reflect the actual structure of the instruments. For each of these instruments, the CDFI
Fund estimates cash inflows and outflows related to the program over the estimated term of the
instrument. Further, each cash flow estimate reflects the specific terms and conditions of the
program, technical assumptions regarding the underlying assets, risk of default or other losses, and
other factors as appropriate. The measurement of assets within these programs is primarily derived
from inputs, which generally represent market data and, when such data is not available,
management’s best estimate of how a market participant would assess the asset’s inherent risk.
The primary purpose of the FCRA is to measure the cost of federal credit programs, and to place the
cost of such credit programs on a basis equivalent to other federal spending. The FCRA requires that
the ultimate costs of a credit program be calculated, and the budgetary resources be obtained before
incurring the direct loan obligations. The CDFI Fund calculates all direct loan subsidy estimates and
re-estimates in accordance with OMB Circular A-11, Preparation, Submission, and Execution of the
Budget, Section 185, Federal Credit (OMB A-11, Section 185).
In FY 2025, the CDFI Fund was unable to secure apportioned authority from OMB to fully account
for the President’s Budget re-estimates for its CDFI Program and CDFI BGP direct loans. As a result,
the CDFI Fund requested and was granted approval from OMB to forego re-estimating the subsidy
cost of the CDFI Program and CDFI BGP direct loans. This decision is consistent with OMB
Circular A-11, Section 185 which states, “Technical re-estimates of the subsidy cost of a cohort of
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND 20
FINANCIAL SECTION | FY 2025 AGENCY FINANCIAL REPORT
direct loans or loan guarantees must be made after the close of each fiscal year as long as the loans
are outstanding, unless a different plan is approved by the OMB representative with primary budget
responsibility for the credit account.” The CDFI Fund’s unrecorded President’s Budget re-estimates
would have a net impact of $4.0 million on the Balance Sheet, $6.7 million on the Statement of
Changes in Net Position, and $2.7 million on the Statement of Net Cost as of September 30, 2025.
The CDFI Fund first predicts or estimates the future performance of direct loans when preparing the
annual budget. The CDFI Fund subsequently re-estimates the data used for these budgetary estimates
at September 30 to reflect changes in actual loan performance and actual interest rates in effect when
the loans were issued. The re-estimated data reflects adjustments for market risks, asset performance,
and other key variables and economic factors. The CDFI Fund uses the re-estimated data to report
the adjustment to the cost of the direct loans disbursed and recognizes it within the “Net Program
Cost” lines of the CDFI Program and CDFI BGP, respectively, on the Statement of Net Cost.
Cash flows associated with the CDFI Fund’s credit programs generally include disbursements,
repayments, repurchases, fees, recoveries, interest, borrowings from Treasury and the Federal
Financing Bank (FFB), negative subsidy, and the subsidy cost received from the program accounts.
The CDFI Fund draws loan-level data and assumptions used as the basis for cash flow model
forecasts and program performance from widely available market sources, as well as information
published by direct loan recipients. Key inputs and assumptions to the cash flow forecasts include,
but are not limited to:
• Security characteristics such as unpaid principal balance, coupon rate, weighted-average loan
age, credit rating, maturity date, principal and interest payment schedules, and performance of
underlying collateral;
• Discount rate;
• CDFI Fund actions, as well as changes in legislation;
• Forecast principal and interest payments, late payments, prepayment rates and default rates;
• Historical pre-payments; and
• Default and recovery reports that Moody’s and Standard and Poor’s publish.
The recorded subsidy cost associated with the credit programs represents the difference between
disbursed amounts and the net present value of future cash flows the CDFI Fund anticipates
receiving. The subsidy allowance, as initially established by the subsidy cost, takes into
consideration projected repayments and defaults, and the projected cost of borrowings. The CDFI
Fund amortizes the allowance to reflect the difference between projected and actual financing costs.
The liability associated with the accrued downward subsidy re-estimates is recognized within the
“Due to the General Fund” line of the Balance Sheet.
CDFI Fund’s actions, as well as changes in legislation, may impact estimated future cash flows and
related subsidy costs. The CDFI Fund recognizes the cost or cost savings of a modification in subsidy
costs when the terms of a program are modified. Workouts are actions taken to maximize repayments
of existing credit programs, and the expected effects on cash flows are included in the original
estimate and re-estimates of the subsidy cost. Subsidy costs are also impacted by re-estimates, which
may occur as a result of updates to the original program subsidy cost estimates to reflect the actual
cash flow, as well as changes in forecasts of estimated future cash flows associated with the credit
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND 21
FINANCIAL SECTION | FY 2025 AGENCY FINANCIAL REPORT
program. These direct loans are presented on the Balance Sheet within the “Loans Receivable, Net”
line. See Note 4, “Loans Receivable, Net,” for more information.
E. Property, Plant, & Equipment, Net
The CDFI Fund’s Property, Plant & Equipment (PP&E), Net, assets comprise of internal-use
software. The CDFI Fund follows the standards set forth in SFFAS 10, Accounting for Internal Use
Software, in capitalizing costs incurred during the development stage (i.e., design of software
configuration, coding, hardware installation, parallel processing testing), after management
authorizes and commits to the software development projects. The CDFI Fund accumulates costs for
developing internal-use software in work-in-development until the project is placed into service and
the CDFI Fund successfully completes testing and final acceptances. Once completed, the CDFI
Fund transfers the costs to depreciable property. The Fund amortizes the cost of internal-use software
using the straight-line method over the estimated useful life, ranging from seven to ten years.
Pursuant to Treasury’s guidance on the capitalization threshold range, the CDFI Fund established
the capitalization threshold of $125,000 for internal-use software and $50,000 for other PP&E, as
permitted by SFFAS 6, Accounting for Property, Plant, and Equipment, and SFFAS 10. The Fund
management concluded that these thresholds are set at appropriate levels and do not materially distort
the financial statements or affect their comparability from year to year.
As of September 30, 2025, the net book value for the CDFI Fund’s internal-use software was $14.7
million and comprised of $41.8 million in costs, net of $27.1 million of accumulated amortization.
The CDFI Fund recorded $3.5 million of amortization expense for the fiscal year ended (FYE)
September 30, 2025.
F. Advances and Prepayments
The CDFI Fund’s distribution of grant awards may be used by the awardees to cover a part, or all,
of anticipated qualified expenses. The CDFI Fund initially recognizes such disbursed amounts as
advances, as the benefits of the cash outflow extend beyond the FY during which the program
funding was appropriated and disbursed. The Fund subsequently reduces the advances by the
reported and estimated amount of qualified expenses incurred by the grant award recipients during
the FY. The outstanding balance of the advances, net of adjustments for the incurred grant expenses,
at the FYE is reported within the “Advances and Prepayments” line on the Balance Sheet. The
recipients’ incurred expenses are reported on the Statement of Net Cost within “Gross Costs” line
of the respective programs. Refer to the accounting policy entitled “Risks, Uncertainties, and Use of
Estimates” and Note 5, “Advances and Prepayments” for additional discussion related to the
estimation of advances and grant award expenses.
G. Investments, Net
The CDFI Fund assists certain for-profit CDFI Program awardees by purchasing capital investments.
Pursuant to P.L. 103-325, the CDFI Fund is restricted from owning more than 50 percent of the
equity in any awardees and from controlling their operations. These investments represent holdings
in the form of non-voting equity securities and limited partnership interests.
Non-voting equity securities are reported at fair value with realized and unrealized holding gains or
losses reported on the Statement of Net Cost depending on the net results. Investments with a readily
determinable fair value are recorded at such fair value (see discussion below on “Fair Value
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND 22
FINANCIAL SECTION | FY 2025 AGENCY FINANCIAL REPORT
Measurement”). Investments without readily determinable fair values are recorded using the
measurement alternative at cost minus impairment, plus or minus subsequent adjustments for
observable prices in orderly transactions for the identical or similar investment of the same issuer.
Limited partnership interests are carried in accordance with the equity method of accounting by
recognizing the pro-rata share of investee’s profit/loss through the Statement of Net Cost. A decline
in the fair value of any investment below cost that is deemed to be other-than-temporary results in
an impairment to reduce the carrying amount to fair value.
To determine if an impairment is other-than-temporary, the CDFI Fund considers whether: (1) it has
the ability and intent to hold the investment until a market price recovery; and (2) evidence indicating
the cost of the investment is recoverable outweighs evidence to the contrary. Evidence considered in
this assessment includes the reasons for the impairment, the severity and duration of the impairment,
changes in value subsequent to year-end, forecasted performance of the investee, and the general
market condition in the industry in which the investee operates. The impairment is charged to net
cost and a new cost basis for the investment is established.
The CDFI Fund recognized no other-than-temporary impairment expense on these investments for
the FYE September 30, 2025.
H. Debt
Debt represents the CDFI Fund’s borrowings payable to Treasury and the FFB that were incurred to
fund direct loans made by the CDFI Fund and other aspects of permissible borrowing authority. The
borrowings payable to Treasury are related to the unsubsidized portion of direct loans. Subsidies are
costs incurred by the government over the entire life of the loan. Debt repayments to Treasury are
made based on the collections of loans receivable and/or upward re-estimates. The borrowings
payable related to the FFB represent the principal loan balances disbursed under the CDFI BGP.
Principal repayments to the FFB are made quarterly and semi-annually as collections are received
by loan borrowers. Interest costs accrue as an expense when incurred and are reported as the “Net
Program Cost” of the CDFI Program and CDFI BGP on the Statement of Net Cost. See Note 7,
“Debt,” for more information and disclosures related to debt.
I. Contingencies
In accordance with SFFAS 5, Accounting for Liabilities of the Federal Government, the CDFI Fund
recognizes material contingent liabilities meeting the following criteria:
• A past event or exchange transaction has occurred;
• A future cash outflow is probable; and
• A future cash outflow is measurable.
The estimated liability recorded is either a specific amount or within a range of amounts. If some
amount within the range is a better estimate than any other amount within the range, that amount is
recognized. If no amount within the range is a better estimate than any other amount, the CDFI Fund
recognizes the minimum amount in the range and discloses the range and a description of the nature
of the contingency. Liabilities for loss contingencies arising from claims, assessments, litigation,
fines, penalties, and other sources are recorded when it is probable that a liability has been incurred
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and the amount of the obligation can be reasonably estimated. Legal costs incurred in connection
with loss contingencies are expensed as incurred.
If one or more, but not all, of the above criteria for recognition are met, and there is a reasonable
possibility of loss, the CDFI Fund will disclose, if material, the nature of the contingent liability,
along with a range of possible loss, if estimable, and a description of the nature of the contingency.
The CDFI Fund did not recognize any contingent liabilities as of September 30, 2025.
J. Revenues and Other Financing Sources
The CDFI Fund activities are primarily financed from the appropriations and GSE fee revenue. The
appropriations used are recognized as a financing source on the Statement of Changes in Net Position
at the time when the CDFI Fund: (i) determines that the grant recipient has met the requirements to
be allowed to use the grant award amounts; (ii) accrues liabilities related to administrative expenses
and internal-use software costs incurred; (iii) acquires an investment; or (iv) finances a direct loan,
in part, with an initial direct loan subsidy.
The CDFI Fund receives fees from the GSEs, under the Housing and Economic Recovery Act of
2008 (P.L. 110-289). Per statute, the GSEs are required to set aside annual allocations equal to 4.2
basis points for each dollar of their unpaid principal balances of total new business purchases. The
CMF receives 35 percent of these allocations. The fees are recorded on an accrual basis, at their net
realizable value, as they are considered recognizable and estimable. The reported accrual amounts
are expected to be collected within one year and reported within the “Accounts Receivable, Net” line
on the Balance Sheet. The GSE fees represent non-exchange revenue reported within “GSE Fees
and Other Non-Exchange Revenue” on the Statement of Changes in Net Position.
In FY 2024, the CDFI Fund began receiving transfers of funds from Treasury’s ECIP, per P.L.
116-260. As set out in the statute, Treasury is required to transfer all cash proceeds received in
connection with these investments, including dividend and interest payments, and proceeds from
the sale of investments to the CDFI Fund to be used to provide FA and TA. The ECIP cash transfers
from Treasury represent a one-way flow of resources to the CDFI Fund. The CDFI Fund
recognizes these transfers as a financing source in the amount equal to the cash proceeds received
and reports them within the “Transfers In/(Out) Without Reimbursement” line on the Statement
of Changes in Net Position.
As a component entity of Treasury, the CDFI Fund receives goods and services from other federal
entities or other component entities within Treasury at no cost or at a cost less than the full cost. The
costs of other entities that are not fully reimbursed by the CDFI Fund are reported within the “Costs
not Assigned to Programs” line on the Statement of Net Cost and are offset by the “Imputed
Financing Sources” line on the Statement of Changes in Net Position.
The CDFI Fund also receives fees from the eligible CDFIs of the CDFI BGP, per the Small Business
Jobs Act of 2010 (P.L. 211-240). Per the statute, the fees are payable monthly to the CDFI Fund
based on the amount of the unpaid principal balance of the bond issue. The collected fees are used
to reimburse Treasury for any administrative costs incurred by the CDFI BGP. These collected fees
represent exchange revenue and are recorded within the “Less: Earned Revenue” line of the program
on the Statement of Net Cost, while costs associated with the revenue collected are recorded within
the “Gross Costs” line.
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Additional revenue is earned from interest income on direct loans and undisbursed borrowings of
funds held by Treasury. Interest income is recognized when earned and determined to be collectible
and is recorded within the “Less: Earned Revenue” line of the associated program on the Statement
of Net Cost.
Occasionally, the CDFI Fund receives dividends on its equity investments and may use those funds
for operating expenses. Dividends are recognized when earned, which is usually when declared, and
are recorded within the “Less: Earned Revenue” line of the CDFI Program on the Statement of Net
Cost.
K. Custodial Revenue
The CDFI Fund custodial collections represent non-entity revenue and include cash collected
primarily from recovered improper payments and other revenue. All amounts collected are
transferred to the General Fund for operating purposes of the U.S. government. The CDFI Fund
recognizes the custodial revenue in the period of collection and disposes of it in the same reporting
period. The custodial activity in FYE September 30, 2025 was immaterial.
L. Net Cost
Net cost consists of gross costs less earned revenue. The CDFI Fund presents its gross costs (CDFIs
use of award funding and administrative expenses), earned revenue and net costs by major program
categories. Administrative and imputed costs that cannot be reasonably allocated to a specific
program are reported within the “Costs not Assigned to Programs” line on the Statement of Net
Cost.
M. Retirement Plans
The CDFI Fund employees participate in the Civil Service Retirement System (CSRS) or the Federal
Employees’ Retirement System (FERS). The FERS was established by the enactment of the Federal
Employees’ Retirement System Act of 1986 (P.L. 99-335). Pursuant to this law, FERS and Social
Security automatically cover most employees hired after December 31, 1983.
Employees hired prior to January 1, 1984, were provided an opportunity to join both FERS and
Social Security or remain in the CSRS. The CDFI Fund recognized the cost for FERS and Social
Security contributions in the amount of $2.3 million for the FYE September 30, 2025.
In addition, CDFI Fund employees participating in CSRS have 7 percent of their base salary withheld
which is contributed into a Retirement Fund. The CDFI Fund contributes the same amount into the
Retirement Fund. The CDFI Fund recognized cost for CSRS contributions in the amount of $13.0
thousand.
For all employees, a Thrift Savings Plan (TSP) account is automatically established, and the
employee can elect to withhold a predetermined maximum amount from their base salary for deposit
into their TSP account. The CDFI Fund makes matching contributions of up to four percent for FERS
employees who contribute to their TSP account. Additionally, a one percent contribution is
automatically made to TSP by the CDFI Fund for each employee. The CDFI Fund recognized cost
for TSP contributions in the amount of $0.6 million for the FYE September 30, 2025.
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The CDFI Fund reports the costs associated with retirement plans within the “Gross Costs” line of
their respective programs on the Statement of Net Cost. When these costs cannot be reasonably
allocated to a particular program, the CDFI Fund reports these costs within the “Costs not Assigned
to Programs” line on the Statement of Net Cost.
N. Accrued Annual Leave
Annual leave and compensatory leave are accrued as a liability when earned by the employee, and
the accrual is reduced as leave is taken. The balance in this accrued liability account is computed
using current pay rates. Sick leave and other types of non-vested leave are expensed as the leave is
taken and reported within the “Gross Costs” line of their respective programs on the Statement of
Net Cost. When these costs cannot be reasonably allocated to a particular program, the CDFI Fund
reports the costs associated with accrued annual leave within the “Costs not Assigned to Programs”
line on the Statement of Net Cost. See Note 8, “Other Liabilities,” for more information.
O. Net Position
Unexpended Appropriations
Unexpended Appropriations represents the amount of spending authorized, as of September 30, that
is unliquidated or unobligated and has not lapsed, been rescinded, or withdrawn. Appropriations
remain available for upward or downward adjustment of obligations until canceled. The CDFI Fund
reports adjustments related to unexpended appropriations, such as cancelations of expired funds or
rescissions, on the Statement of Changes in Net Position.
Cumulative Results of Operations
Cumulative Results of Operations represents the net results of the CDFI Fund’s operations not
funded by appropriations, non-exchange revenues, and other financing sources, since inception
through the end of the fiscal year. Also included as a reduction in Cumulative Results of Operations
are accruals for which the related expenses require funding from future appropriations, revenues,
and assessments. These future funding requirements include, among others, credit reform cost re-
estimates, and expenses for contingent liabilities, if applicable.
P. Funds from Dedicated Collections
The CDFI Fund accounts for revenues and other financing sources for Funds from Dedicated
Collections separately from other funds within CDFI Fund’s financial statements. Funds collected
under the CMF, the only CDFI Fund program financed by funds from dedicated collections, are
composed entirely of restricted funds from the collection of GSE fees. Under the federal statute,
these funds have been specifically identified and are only designated for activities, benefits, or
purposes of the CMF. Administrative expenses are covered by the GSE fees collected, and, as per
the federal statute, amounts in the CMF are made available to the Secretary to carry out a competitive
grant program. See Note 10, “Funds from Dedicated Collections,” for more information.
Q. Appropriations and Other Budgetary Activity
The CDFI Fund receives funding through appropriations from the U.S. Congress, collections of GSE
fees and transfers of the ECIP cash proceeds from Treasury. The CDFI Fund receives appropriations
to be used for FA awards, within statutory limits, and annual appropriations for operating expenses.
Incurred obligations of appropriations are recorded when the CDFI Fund takes actions that require
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the CDFI Fund to make payments to the public or another federal entity. Based on the statute, case
law and relevant guidance, congressionally appropriated funds used for administrative matters, such
as employment or service contracts, become obligated when the CDFI Fund enters into a written
agreement with a third party. Appropriated funds that support direct loan and equity awards become
obligated when the relevant parties enter into a fully executed agreement that includes the amount,
terms of repayment, and other key aspects of the arrangement. Appropriated funds, GSE fees
collected, and ECIP cash proceeds that support the CDFI Fund competitive grant awards become
obligated when the CDFI Fund issues a Notice of Award. All CDFI Fund liabilities are covered by
budgetary resources except for amounts related to unfunded leave. See Note 8, “Other Liabilities,”
for more information.
R. Tax-Exempt Status
As a component of Treasury, which is an agency of the U.S. government, the CDFI Fund is exempt
from all income taxes imposed by any governing body, whether it is a federal, state, commonwealth,
local, or foreign government. Accordingly, no provision for income taxes is recorded.
S. Fair Value Measurement
Fair value is a market-based measurement. For some investments, observable market transactions or
market information may be available. For other investments, observable market transactions and
market information may not be available. However, the objective of a fair value measurement in
both cases is to estimate the price at which an orderly transaction to sell an asset or to transfer a
liability between market participants at the measurement date occurs under current market
conditions. The CDFI Fund applies the provisions for fair value measurements of investments that
are recognized or disclosed at fair value in the financial statements. The fair value hierarchy
distinguishes between observable and unobservable inputs, which are categorized as follows:
• Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities
that the CDFI Fund has the ability to access at the measurement date.
• Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for
the asset or liability, either directly or indirectly.
• Level 3 inputs are unobservable inputs for the asset or liability.
The inputs or methodology used for valuing assets and liabilities are not necessarily indicative of the
risks associated with those assets and liabilities.
See Note 6, “Investments, Net,” for more information about these financial assets and related fair
value measurements.
T. Risks, Uncertainties, and Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make
estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities as of the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual results could differ from these
estimates. Items subject to such estimates include investments recorded at fair value, allowance for
subsidy related to the FCRA, accruals of grant award expenses, and accruals of revenues for fees
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from GSEs, comprised of the Federal National Mortgage Association and the Federal Home Loan
Mortgage Corporation.
The CDFI Fund faces certain risks and uncertainties as a result of its direct loan programs. Credit risk
is the potential, no matter how remote, for financial loss from a failure of a borrower or counterparty
to perform in accordance with underlying contractual obligations. The CDFI Fund takes on possible
credit risk when it makes direct loans to non-federal entities under the CDFI Program and CDFI
BGP, as well as undisbursed direct loans and funding commitments related to these programs.
The CDFI Fund derives credit program receivables using credit reform modeling, which is subject
to the use of estimates and forecasts that have inherent uncertainty. Refer to the accounting policy
entitled “Loans Receivable, Net” and Note 4, “Loans Receivable, Net,” for additional information.
At each quarter‐end, the CDFI Fund records a GSE fee revenue accrual based on the fees estimated
from the GSEs’ Form 10‐Q and Form 10‐K disclosures. The receivable is subsequently reduced
when the GSE fee proceeds are received. Refer to the accounting policy entitled “Revenues and
Other Financing Sources” and Note 3, “Accounts Receivable, Net,” for discussion related to the
GSE fee revenue accruals.
Amounts based on estimates involve numerous assumptions subject to varying and potentially
significant degrees of judgment and uncertainty. Therefore, accounting estimates and assumptions
may change over time and actual results could differ materially from those estimates.
U. Disclosure Entities and Related Parties
SFFAS 47, Reporting Entity, requires that the financial statements reflect the balances and activities
of consolidation entities, including Treasury component entities, meeting the following “principles
for inclusion” when considered as a whole: (i) the entity is included in the Budget of the U.S. (also
known as the President’s Budget), (ii) the U.S. government holds “majority ownership interest,” (iii)
the U.S. government has “control with risk of loss or expectation of benefit,” or (iv) it would be
misleading to exclude such entity. SFFAS 47 also provides guidance for assessing whether an
organization meeting the inclusion principles is reported as a disclosure entity or related party.
Disclosure entities and related parties are not considered components of the CDFI Fund reporting
entity and, thus, are only disclosed in the notes to the CDFI Fund financial statements, as applicable.
Using the principles prescribed in SFFAS 47, no entities were deemed disclosure entities or related
parties as of September 30, 2025.
2 - Fund Balance with Treasury
Fund Balance with Treasury is increased: (i) by receiving appropriations, reappropriations,
continuing resolutions, appropriation restorations, and allocations; (ii) when transfers and
reimbursements from other federal agencies are received, including transfers of investment
proceeds from Treasury’s ECIP; and (iii) by collection of GSE fees which represent restricted
funds and are used to finance the CMF. Fund Balance with Treasury can also be increased by
amounts collected and credited to appropriation or fund accounts.
Fund Balance with Treasury is reduced when: (i) disbursements are made to pay liabilities,
purchase assets, goods, and services or finance authorized financial award and purchase
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commitments; (ii) expired appropriations are canceled, or the CDFI Fund makes transfers and
reimbursements to other federal entities, non-federal entities, or to the General Fund; and (iii)
sequestration or rescission of appropriations.
As of September 30, 2025, the status of the Fund Balance with Treasury consisted of the following:
(in thousands) 2025
Unobligated Balance $ 790,464
Obligated Balance Not Yet Disbursed 1,131,723
Subtotal 1,922,187
Adjustment for Borrowing Authority (1,016,252)
Other Adjustments 14,646
Total Fund Balance with Treasury $ 920,581
The use of unobligated balances is restricted based on annual legislation requirements or enabling
authorities. Funds are presumed to be available for only one FY unless otherwise noted in the
annual appropriation language.
The Unobligated Balance, as shown on the Statement of Budgetary Resources, represents amounts
that have been appropriated by Congress but haven’t been committed to a specific purpose or
obligation. Portions of the Unobligated Balance include amounts appropriated in prior fiscal years
that have expired and are not available to fund new obligations, as well as unapportioned amounts
still requiring budget authority in order to become available to fund new obligations.
The Obligated Balance not yet Disbursed represents amounts designated for payment of goods
and services the CDFI Fund has ordered but has not received, or goods and services the Fund
received but for which payment has not yet been made. In those situations, the restricted funding
will be temporarily unavailable until the reasons for the restriction have been satisfied or
legislation has been enacted to remove the restriction.
Since the following line items are either a component of Fund Balance with Treasury or post to
budgetary status accounts, adjustments are required to reconcile the budgetary status to the non-
budgetary Fund Balance with Treasury as reported on the Balance Sheet:
• Adjustment for Borrowing Authority – Borrowing authority is in budgetary status reported
on the Statement of Budgetary Resources, but not in the Fund Balance with Treasury
because the CDFI Fund credit programs use borrowing authority to finance loans. Refer to
Note 11, “Statement of Budgetary Resources,” for additional information.
• Other Adjustments – Other adjustments represent a temporary reduction of the new budget
authority related to transfers of the ECIP cash proceeds, GSE fees, and CDFI BGP
administrative fees subject to sequestration.
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3 - Accounts Receivable, Net
Accounts Receivable, Net primarily represents the GSE fees that the CDFI Fund accrued but had
not yet collected. The reported accrued receivable is expected to be collected within one year. The
CDFI Fund has not established an allowance balance for uncollectible amounts as it determined
that the risk of not collecting the estimated GSE fees is remote.
During the FY 2025, the CDFI Fund collected $116.5 million in GSE fees and reported the accrued
GSE fee receivable balance of $89.0 million within line “Accounts Receivable, Net” on the
Balance Sheet as of September 30, 2025.
4 - Loans Receivable, Net
The CDFI Fund administers two credit programs, the CDFI BGP and the CDFI Program, designed
to provide funding and assistance to CDFIs through direct loans. The related net direct loan
receivables, including loan principal repayments, interest, and fees are treated as exchange
transactions. Net loans receivable or the value of assets related to direct loans is not the same as
expected proceeds from selling the loans. Net loans receivable represents the present value of their
estimated net cash inflows discounted at the average rate of marketable Treasury securities of
similar maturity. Expected sale proceeds reflect their estimated fair value. Refer to Note 1,
“Summary of Significant Accounting Policies,” accounting policy entitled “Loans Receivable,
Net” for additional information. The CDFI Fund did not disburse any direct loans prior to the
FCRA enaction. The CDFI Fund accrues interest on nonperforming loans until the date of default,
at which time the CDFI Fund requests remittance of all outstanding principal and interest owed. A
nonperforming loan is defined as any delinquent loan where an award recipient has not made any
attempt to pay off the balance owed to the CDFI Fund or any loan referred to collections.
The CDFI Fund presents the direct loans on the Balance Sheet within the line item, “Loans
Receivable, Net.” The balances of these direct loan programs, along with their subsidies, as of
September 30, 2025, consisted of the following:
Allowance for
Loans Receivable, Interest and Fees Subsidy Cost 2025 Direct
(in thousands) Gross Receivable (Present Value) Loans, Net
CDFI BGP $ 1,482,397 $ 6,099 $ 64,291 $ 1,552,787
CDFI Program 53,150 515 (5,623) 48,042
Total $ 1,535,547 $ 6,614 $ 58,668 $ 1,600,829
The negative or positive allowance for subsidy costs as of September 30, 2025 reflects the CDFI
Fund’s projection, as of that date, that these programs would result in a net revenue or net cost,
respectively, after accounting for principal loan repayments, interest, and fees.
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The total direct loans disbursements for the FYE September 30, 2025 consisted of the following:
(in thousands) 2025 Total
CDFI BGP $ 215,657
CDFI Program 4,682
Total $ 220,339
The subsidy cost by component for new direct loans disbursed under these programs, for the FYE
September 30, 2025, consisted of the following:
(in thousands) Interest Differential Defaults 2025 Total
CDFI BGP $ (10,289) $ 404 $ (9,885)
CDFI Program 61 333 394
Total $ (10,228) $ 737 $ (9,491)
The CDFI Fund performed an annual financial statement re-estimate of its credit program’s cost
as of September 30, 2025. These re-estimates resulted in a net downward re-estimate, or a decrease
in the costs of the programs, which consisted of the following:
Interest Rate Technical
(in thousands) Re-estimate Re-estimate 2025 Total
CDFI BGP $ (60) $ (11,634) $ (11,694)
CDFI Program - (428) (428)
Total $ (60) $ (12,062) $ (12,122)
The CDFI BGP’s total downward re-estimates in FY 2025 were driven by changes in performance
assumptions, actual performance to date, and actual program funding cost. Performance
assumptions anticipated an overall revenue to the program due to lower default projections in
future years’ cash flows. Consistent with the guidance in OMB A-11, Section 185, the CDFI Fund
refined its methodology for calculating the interest rate component of the subsidy cost re-estimate.
The FY 2025 interest rate re-estimate was calculated using a modified version of cash flows
projected during the budget formulation to account for differences in the benchmark Treasury rate
between the budget formulation and loan disbursement.
The CDFI Program’s downward re-estimate in FY 2025 were primarily due to improvements in
the actual loan performance and borrower financial position as well as expectations of lower
default rates.
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The total subsidy expense for direct loans, including the interest differential, defaults, and re-
estimates for the FYE September 30, 2025, consisted of the following:
(in thousands) 2025 Total
CDFI BGP $ (21,579)
CDFI Program (34)
Total $ (21,613)
The total of each program’s subsidy is calculated into a percentage, or subsidy rate. The subsidy
of the direct loans obligated in a cohort for the FYE September 30, 2025, consisted of the
following:
Interest
Differential Defaults 2025 Total
CDFI BGP (4.28%) 0.13% (4.15%)
CDFI Program 1.31% 7.08% 8.39%
The CDFI BGP subsidy rates are calculated based on the evaluation of actual direct loan terms and
subject to the OMB review. The CDFI Program’s subsidy rates are consistent with those published
in the Federal Credit Supplement to the current year’s budget.
The subsidy rates disclosed pertain only to the current year’s cohorts. These rates cannot be applied
to the direct loans disbursed during the current reporting year to yield the subsidy expense. The
subsidy expense for new loans reported in the current year could result from disbursements of
loans from both current year cohorts and prior year(s) cohorts. The subsidy expense reported in
the current year also includes re-estimates.
The reconciliation of the subsidy cost allowance for the FYE September 30, 2025, consisted of the
following:
CDFI
(in thousands) CDFI BGP Program 2025 Total
Beginning Balance $ (57,048) $ 5,603 $ (51,445)
Subsidy Cost for Disbursements (9,885) 394 (9,491)
Adjustment for Subsidy Allowance Amortization 14,336 54 14,390
Balance, Ending, Before Re-estimates (52,597) 6,051 (46,546)
Subsidy Re-estimates (11,694) (428) (12,122)
Balance, End of Period $ (64,291) $ 5,623 $ (58,668)
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The CDFI Fund’s direct loan program administrative expenses recognized for the FYE September
30, 2025, consisted of the following:
(in thousands) 2025 Total
CDFI BGP $ 3,881
CDFI Program 300
Total $ 4,181
5 - Advances and Prepayments
For all grant programs administered by the CDFI Fund, with the exception of the BEA Program,
which is structured as a reimbursement program, the CDFI Fund makes grant award payments for
anticipated qualified expenses and recognizes them as advances. To adjust the advances for
eligible expenses that grantees have incurred as of the reporting date, the CDFI Fund relies upon
the actual use of award reported by grantees in their Standard Form 425: Federal Financial Report
(SF-425). For the FYE September 30, 2025, the CDFI Fund leveraged the SF-425 reports to
determine adjustments to advances for eligible grant expenses incurred for the CDFI Program,
NACA Program, CDFI RRP, CDFI ERP, SDL Program, and the CMF.
The reconciliation of the CDFI Fund’s grant award advance balances based on the grant
disbursements and incurred grant expenses as reported by program for the FYE September 30,
2025, consisted of the following:
Grant 2025 Grant
Beginning Grant Expenses Award
(in thousands) Balance Disbursements Incurred Advances
CDFI Program $ 26,590 $ 398,734 $ (305,831) $ 119,493
NACA Program 2,047 46,023 (34,876) 13,194
SDL Program 12,033 206 (7,857) 4,382
CMF 363,386 247,885 (251,143) 360,128
CDFI RRP 3,478 - (3,323) 155
CDFI ERP 365,761 141,100 (328,488) 178,373
Total $ 773,295 $ 833,948 $ (931,518) $ 675,725
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6 - Investments, Net
Investments, Net includes non-federal, non-voting common stock investment holdings in for-profit
CDFI Program awardees, as well as the CDFI Fund’s limited partnership interests.
The table below presents the fair value measurements hierarchy classification by investment type
as of September 30, 2025:
(in thousands) Level 1 Level 2 Level 3 2025 Total
Non-Voting Equity Securities $ 33,063 $ - $ 2,800 $ 35,863
Limited Partnership Interests - - 114 114
Total Fair Value Measurements $ 33,063 $ - $ 2,914 $ 35,977
7 - Debt
The CDFI Fund borrows from the FFB and Treasury to fund the disbursement of new direct loans
and related subsidy re-estimates associated with the CDFI BGP and CDFI Program, respectively.
Outstanding debt at September 30, 2025 had effective interest rates that ranged from 1.33 percent
to 5.50 percent. Maturity dates ranged from September 30, 2030 to September 30, 2058, for
outstanding debt at September 30, 2025.
The debt of the CDFI Fund, as of September 30, 2025, consisted of the following:
Beginning 2025 Ending
(in thousands) Balance Borrowings Repayments Balance
Debt Owed to the Federal Financing Bank $ 1,324,236 $ 215,657 $ (57,496) $ 1,482,397
Debt Owed to Treasury other than the FFB 110,295 14,355 (7,490) 117,160
Total Debt $ 1,434,531 $ 230,012 $ (64,986) $ 1,599,557
The increase in the outstanding debt balance of $165.0 million was driven by the increase in the
CDFI BGP related borrowings, net of repayments, of $162.4 million and increase in the CDFI
Program related borrowings, net of repayments, of $2.6 million.
The CDFI Fund accrues interest expense on the outstanding debt and pays it annually on
September 30. For the FYE September 30, 2025, the CDFI Fund recorded interest expense in the
total amount of $40.2 million related to this debt.
All debt and related interest costs are intra-governmental and covered by budgetary resources. See
additional details on borrowing authority in Note 11, “Statement of Budgetary Resources.”
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8 - Other Liabilities
The “Other Liabilities” line item on the Balance Sheet consists of liabilities that are covered by
and not requiring budgetary resources. All the CDFI Fund’s “Other Liabilities” as of September
30, 2025 represent current liabilities and consisted of the following:
(in thousands) 2025
Intra-Governmental
Accounts Payable $ 4,075
Other Accrued Liabilities 238
Total Intra-Governmental $ 4,313
Other Than Intra-Governmental
Accounts Payable $ 471
Federal Employee Benefits Payable 16
Unfunded Leave(1) 994
Accrued Funded Payroll and Leave 424
Total Other Than Intra-Governmental $ 1,905
(1)
Unfunded Leave represents the only liability not covered by budgetary resources.
As of September 30, 2025, the CDFI Fund did not have any outstanding non-current other
liabilities.
9 - Commitments
Grant Award Commitments
The CDFI Fund’s grant award commitments represent unpaid and prepaid grant award amounts
that were obligated by the CDFI Fund management. Unpaid grant award commitments are not
considered liabilities at year-end due to awardees not meeting the conditions required for payments
as of September 30 (refer to Note 8, “Other Liabilities,” for additional information). Unpaid and
pre-paid grant award commitments totaled $773.2 million as of September 30, 2025. Refer to Note
11, “Statement of Budgetary Resources,” for additional information.
CDFI BGP Commitments
CDFI BGP commitments are related to undisbursed direct loan amounts. These commitments
totaled $972.0 million as of September 30, 2025. Actual disbursements are subject to borrowers
satisfying certain conditions. Funding for such loans is covered by the CDFI Fund’s established
borrowing authority. Refer to Note 11, “Statement of Budgetary Resources,” for additional
information.
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FINANCIAL SECTION | FY 2025 AGENCY FINANCIAL REPORT
Direct Loan Subsidy Commitments
Direct loan subsidy commitments of $43.8 million as of September 30, 2025, relate to the financing
account subsidy for undisbursed direct loans under the CDFI BGP and CDFI programs.
Purchase Commitments
Purchase commitments of $12.2 million as of September 30, 2025, relate to the remaining
obligated portion of contracts, and purchase orders related to goods and services not yet received.
Economic Mobility Corps (EMC) Commitments
Commitments of $1.9 million as of September 30, 2025, were related to the EMC. Funding for the
EMC was enacted through P.L. 116-260 to be operated in conjunction with the Corporation for
National and Community Service. The EMC places national service members at Certified CDFIs
to enhance their capacity to provide financial literacy, financial planning, budgeting, saving, and
other financial counseling activities in distressed and underserved areas.
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND 36
FINANCIAL SECTION | FY 2025 AGENCY FINANCIAL REPORT
10 - Funds from Dedicated Collections
The CMF is the only CDFI Fund program financed by funds from dedicated collections to support
the CDFI Fund’s core community development program activities. The total assets, total liabilities,
net position, and net cost of operations related to the CMF activities as of and for the FYE
September 30, 2025, consisted of the following:
(in thousands) 2025
BALANCE SHEET
ASSETS
Intra-Governmental:
Fund Balance with Treasury $ 291,009
Total Intra-Governmental 291,009
Other than Intra-Governmental:
Accounts Receivable, Net 89,000
Property, Plant & Equipment, Net 2,933
Advances and Prepayments 360,128
Total Other than Intra-Governmental 452,061
Total Assets $ 743,070
LIABILITIES
Intra-Governmental:
Other Liabilities $ 36
Total Intra-Governmental 36
Other than Intra-Governmental:
Other Liabilities 58
Total Other than Intra-Governmental 58
Total Liabilities $ 94
NET POSITION
Cumulative Results of Operations:
Cumulative Results of Operations 742,976
Total Cumulative Results of Operations 742,976
Total Net Position 742,976
Total Liabilities and Net Position $ 743,070
STATEMENT OF NET COST
Gross Costs $ 252,947
Less: Earned Revenue -
Net Cost of Operations $ 252,947
All amounts on the Statement of Changes in Net Position - Funds from Dedicated Collections
column represents the CMF activities.
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND 37
FINANCIAL SECTION | FY 2025 AGENCY FINANCIAL REPORT
11 - Statement of Budgetary Resources
The Statement of Budgetary Resources presents information about the total budgetary resources
available to the CDFI Fund and the status of those resources.
Net Adjustments to Unobligated Balance, Brought Forward, October 1
Net adjustments to unobligated balance, brought forward, October 1 as of September 30, 2025,
consisted of the following:
(in thousands) 2025
Unobligated Balance, Brought Forward from Prior Year $ 573,726
Adjustments to Budgetary Resources Made During Current Year:
Downward Adjustments of Prior Year Undelivered Orders 11,120
Downward Adjustments of Prior Year Delivered Orders 765
Other Adjustments (7,718)
Unobligated Balance from Prior Year Budget Authority, Net (Discretionary and
Mandatory) $ 577,893
Undelivered Orders
Undelivered orders represent goods and services ordered and obligated which have not been
received. This includes any orders for which the CDFI Fund has paid in advance, but for which
delivery or performance has not yet occurred. Undelivered orders as of September 30, 2025
consisted of the following:
(in thousands) Federal Non-Federal 2025 Total
Unpaid $ 5,191 $ 1,122,012 $ 1,127,203
Paid - 675,724 675,724
Total $ 5,191 $ 1,797,736 $ 1,802,927
Terms of Borrowing Authority
The CDFI Fund has permanent indefinite borrowing authority with the FFB to subsidize direct
loans under the CDFI BGP. The unsubsidized portions of the CDFI Program direct loans and the
negative subsidy portions of the CDFI BGP represent borrowings payable to Treasury. OMB A-
11, Section 185 defines repayment requirements. Interest expense due is calculated based on the
beginning balance of borrowings outstanding and the borrowings/repayments activity that
occurred during the fiscal year. Undisbursed borrowings earn interest at the same rate as the
financing account pays on debt owed to Treasury and the FFB. In the event that principal and
interest collections exceed the interest expense due, the CDFI Fund receives the excess payment.
If principal and interest do not exceed the interest expense due, the CDFI Fund will borrow the
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND 38
FINANCIAL SECTION | FY 2025 AGENCY FINANCIAL REPORT
difference. The CDFI Fund makes periodic principal repayments based on the analysis of cash
balances and future disbursement needs. Refer to Note 7, “Debt,” for additional information.
The CDFI Fund’s available borrowing authority and related changes in available borrowing
authority as of September 30, 2025, consisted of the following:
(in thousands) 2025
Beginning Balance $ 1,137,217
Current Authority 109,047
Borrowing Authority Converted to Cash (230,012)
Ending Balance $ 1,016,252
Reconciliation of the President’s Budget
The Budget of the U.S. (also known as the President’s Budget), with actual numbers for FY 2025,
was not published at the time that these financial statements were issued. The FY 2027 President’s
Budget is expected to be published by OMB in late February 2026 and will be available from the
U.S. Government Publishing Office. The FY 2026 President’s Budget was reconciled to the CDFI
Fund’s Statement of Budgetary Resources amounts reported for FY 2024. The only differences
between the two documents were due to rounding.
Legal Arrangements Affecting Use of Unobligated Balances
The use of unobligated balances is restricted based on annual legislation requirements or enabling
authorities. Funds are presumed to be available for only one FY unless otherwise noted in the
annual appropriation language. Unobligated balances in unexpired CDFI Fund account fund
symbols are available in the next FY for new obligations unless some restrictions have been placed
on those funds by law. In those situations, the restricted funding will be temporarily unavailable
until the reasons for the restriction have been satisfied or legislation has been enacted to remove
the restriction.
Amounts in expired CDFI Fund account fund symbols are not available for new obligations, but
may be used to make adjustments to reflect, and make disbursements to liquidate, obligations that
were created before the budgetary authority expired.
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND 39
FINANCIAL SECTION | FY 2025 AGENCY FINANCIAL REPORT
12 - Reconciliation of Net Cost of Operations to Budgetary Outlays,
Net
The Reconciliation of Net Cost of Operations to Budgetary Outlays, Net (referred to as “Net
Outlays” for purposes of this note) depicts the difference between proprietary information and
budgetary accounting information for the CDFI Fund. Proprietary financial accounting
information is intended to depict the U.S. government’s financial operations and financial position
presented on an accrual basis in accordance with GAAP, which includes the recognition of assets
and liabilities for which collections and payment, respectively, have or have not been made. In
contrast, budgetary accounting information is used for planning and control purposes and includes
net outlays that reflect both the receipt and use of cash, as well as reporting of the federal deficit.
The reconciliation of Net Cost (presented on an accrual basis) and Net Outlays (presented on a
budgetary basis) reflects the relationship between proprietary accounting and budgetary
information. The reconciliation serves not only to identify costs paid in the past and those that will
be paid in the future, but also to assure integrity between financial and budgetary accounting.
For the FYE September 30, 2025, the Reconciliation of Net Cost of the CDFI Fund’s Operations
to CDFI Fund’s Outlays, Net consisted of the following:
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND 40
FINANCIAL SECTION | FY 2025 AGENCY FINANCIAL REPORT
Other Than
Intra- Intra-
(in thousands) Governmental Governmental 2025 Total
Total Net Cost of CDFI Fund Operations $ 17,596 $ 939,679 $ 957,275
Components of Net Operating Cost Not Part of
Budgetary Outlays:
Internal-Use Software Amortization Expenses (Note
1.E) - (3,478) (3,478)
Year-end Credit Reform Subsidy Accrual Re-
Estimates - 12,121 12,121
Adjustments to Prior Year Credit Reform Re-
Estimates Accrual - 4,297 4,297
Negative Subsidy - 9,885 9,885
Unrealized Valuation and/or Disposition Gain/(Loss)
on Investments (Note 6) - 513 513
Increase/(Decrease) in Assets:
Accounts Receivable, Net 10,755 6,739 17,494
Advances and Prepayments (Note 5) - (97,570) (97,570)
(Increase)/Decrease in Liabilities:
Other Liabilities (Note 8) (3,590) 39,829 36,239
Other Financing Sources:
Imputed Costs (2,211) - (2,211)
Total Components of Net Operating Cost Not Part
of Budgetary Outlays 4,954 (27,664) (22,710)
Components of Budgetary Outlays That Are Not
Part of Net Cost:
Effect of Prior Year Credit Reform Subsidy Re-
Estimates - (7,102) (7,102)
Acquisition of Internal-Use Software - 3,890 3,890
Transfers (In)/Out Without Reimbursement (159,633) - (159,633)
Total Components of Budgetary Outlays That Are
Not Part of Net Cost (159,633) (3,212) (162,845)
Other Reconciling Items
Distributed Offsetting Receipts (9,885) (116,525) (126,410)
Custodial/Non-Exchange Revenue 7 (124,030) (124,023)
Non-Entity Activity 9,885 - 9,885
Appropriated Receipts for Trust/Special Funds - 116,523 116,523
Prior Year Correction of Subsidy Amortization - 3 3
Total Other Reconciling Items 7 (124,029) (124,022)
Agency Outlays, Net $ 647,698
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND 41
FINANCIAL SECTION | FY 2025 AGENCY FINANCIAL REPORT
REQUIRED SUPPLEMENTARY INFORMATION
(UNAUDITED)
Combining Statement of Budgetary Resources by Major Budget Account
The Statement of Budgetary Resources for the FYE September 30, 2025, disaggregated by each
major budget account within the CDFI Fund, consisted of the following:
Capital
Fiscal Year Ended September 30, 2025 Non- Magnet
Budgetary Fund COVID-19
Budgetary Financing Budgetary Budgetary
(in thousands) Accounts Accounts Account Accounts Total
Budgetary Resources:
Unobligated Balance from Prior Year Budget
Authority, Net (Discretionary and Mandatory) $ 144,027 $ 15 $ 414,052 $ 19,799 $ 577,893
Appropriations (Discretionary and Mandatory) 322,900 - 115,893 - 438,793
Borrowing Authority (Discretionary and
Mandatory) - 109,047 - - 109,047
Spending Authority from Offsetting Collections
(Discretionary and Mandatory) 135,277 51,255 - 651 187,183
Total Budgetary Resources $ 602,204 $ 160,317 $ 529,945 $ 20,450 $ 1,312,916
Status Budgetary Resources:
New Obligations and Upward Adjustments (Total) $ 121,488 $ 149,468 $ 248,846 $ 2,650 $ 522,452
Unobligated Balance, End of Year:
Apportioned, Unexpired Accounts 178,811 10,849 171,073 9,602 370,335
Unapportioned, Unexpired Accounts 290,349 - 110,026 5,434 405,809
Unexpired Unobligated Balance, End of Year 469,160 10,849 281,099 15,036 776,144
Expired Unobligated Balance, End of Year 11,556 - - 2,764 14,320
Unobligated Balance, End of Year (Total) 480,716 10,849 281,099 17,800 790,464
Total Budgetary Resources $ 602,204 $ 160,317 $ 529,945 $ 20,450 $ 1,312,916
Outlays, Net, and Disbursements, Net:
Outlay, Net (Total) (Discretionary and Mandatory) $ 376,505 $ - $ 250,496 $ 147,107 $ 774,108
Distributed Offsetting Receipts (9,887) - (116,523) - (126,410)
Agency Outlays, Net (Discretionary and
Mandatory) $ 366,618 $ - $ 133,973 $ 147,107 $ 647,698
Disbursements, Net (Total) (Mandatory) $ - $ 160,042 $ - $ - $ 160,042
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND 42
OTHER INFORMATION (UNAUDITED) | FY 2025 AGENCY FINANCIAL REPORT
OTHER INFORMATION (UNAUDITED)
Summary of Financial Statement Audit and Management Assurances
The following tables summarize the results of the CDFI Fund’s financial statement audit.
Table 1. Summary of Financial Statement Audit
Audit Opinion Unmodified
Restatement No
Beginning Ending
Material Weaknesses New Resolved Consolidated
Balance Balance
Total Material
0 0 0 0 0
Weaknesses
Table 2. Summary of Management Assurances
Effectiveness of Internal Control over Financial Reporting (FMFIA § 2)
Statement of Assurance Unmodified
Beginning Ending
Material Weaknesses New Resolved Consolidated Reassessed
Balance Balance
Total Material 0 0 0 0 0 0
Weaknesses
Effectiveness of Internal Control over Operations (FMFIA § 2)
Statement of Assurance Unmodified
Beginning Ending
Material Weaknesses New Resolved Consolidated Reassessed
Balance Balance
Total Material
0 0 0 0 0 0
Weaknesses
Conformance with Federal Financial Management System Requirements (FMFIA § 4)
Statement of Assurance Federal Systems Conform
Beginning Ending
Non-Conformances New Resolved Consolidated Reassessed
Balance Balance
Total Non-
0 0 0 0 0 0
Conformances
Compliance with Section 803(a) of the Federal Financial Management Improvement Act (FFMIA)
Agency Auditor
1. Federal Financial No lack of substantial compliance noted No lack of substantial compliance noted
Management
System Requirements
2. Applicable Federal No lack of substantial compliance noted No lack of substantial compliance noted
Accounting Standards
3. USSGL at Transaction No lack of substantial compliance noted No lack of substantial compliance noted
Level
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND 43
GLOSSARY OF ACRONYMS (UNAUDITED) | FY 2025 AGENCY FINANCIAL REPORT
APPENDIX A: GLOSSARY OF ACRONYMS (UNAUDITED)
B
BEA Program – Bank Enterprise Award Program
C
CDE – Community Development Entity
CDFIs – Community Development Financial Institutions
CDFI BGP – CDFI Bond Guarantee Program
CDFI ERP – CDFI Equitable Recovery Program
CDFI Fund – Community Development Financial Institutions Fund
CDFI Program – Community Development Financial Institutions Program
CDFI RRP – CDFI Rapid Response Program
CMF – Capital Magnet Fund
COVID-19 – Coronavirus Disease of 2019
CSRS – Civil Service Retirement System
D
DII – Depository Institution Initiatives
E
ECIP – Emergency Capital Investment Program
EMC – Economic Mobility Corps
F
FA – Financial Assistance
FASAB – Federal Accounting Standards Advisory Board
FCRA – Federal Credit Reform Act of 1990
FERS – Federal Employees’ Retirement System
FFB – Federal Financing Bank
FFMIA – Federal Financial Management Improvement Act
FMFIA – Federal Managers’ Financial Integrity Act
FS-ARC – Bureau of the Fiscal Service Administrative Resource Center
FY – Fiscal Year
FYE – Fiscal Year Ended
G
GAAP – U.S. Generally Accepted Accounting Principles
GSE – Government Sponsored Enterprises
H
HFFI – Healthy Food Financing Initiative
N
NACA Program – Native American CDFI Assistance Program
NMTC Program – New Markets Tax Credit Program
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND 44
GLOSSARY OF ACRONYMS (UNAUDITED) | FY 2025 AGENCY FINANCIAL REPORT
O
OMB – Office of Management and Budget
P
P.L. – Public Law
PP&E – Property, Plant, & Equipment
S
SDL Program – Small Dollar Loan Program
SF-425 – Standard Form 425: Federal Financial Report
SFFAS – Statements of Federal Financial Accounting Standards
T
TSP – Thrift Savings Plan
TA – Technical Assistance
U
U.S. – United States
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND 45
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