Fair Value in Federal Credit Authors Anthony Curcio, Summit Consulting, LLC anthony.curcio@summitllc.us or 202-407-8303 Roger Von Elm, CPA, CGFM, CliftonLarsonAllen LLP roger.vonelm@CLAconnect.com or 571-227-9661 About CliftonLarsonAllen CLA is a leading auditor of Federal agency financial statements that contain direct loans and loan guarantees. CLA’s 3,600 people are dedicated to helping businesses, governments, nonprofits, and the individuals who own and lead them. From offices coast to coast, our professionals practice in specific industries to deliver audit, tax, advisory, and consulting capabilities best aligned with our clients’ needs. Integrated wealth advisory services address their personal financial goals, and our international resources help organizations successfully enter and compete in all markets, foreign and domestic. For more information, visit CLAconnect.com. Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC. About Summit Summit is a specialized analytics advisory firm that guides Federal agencies, financial institutions, and litigators as they decode their most complex analytical challenges.

Summit offers specialized Federal Credit advisory services, risk analytics, and cash flow forecasting that are tailored to meet OMB and regulatory guidelines. The firm’s experience with numerous Federal Credit agencies, spanning at least 40 Federal lenders and guarantee programs, ensures that our professionals are experts in the requirements of the Federal Credit Reform Act of 1990, as amended, and the various Federal guidelines that govern its implementation, such as OMB Circulars A-11, A-129, Treasury, and FASAB. For more information, visit Summitllc.us and Summit’s Federal Credit Knowledge Base. The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting, investment, or tax advice or opinion provided by Summit Consulting, LLC (Summit) or CliftonLarsonAllen LLP (CliftonLarsonAllen) to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader’s specific circumstances or needs, and may require consideration of nontax and other tax factors if any action is to be contemplated.

The reader should contact his or her CliftonLarsonAllen, Summit, or other tax professional prior to taking any action based upon this information. CliftonLarsonAllen and Summit assume no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein. Prepared by Summit Consulting LLC and CliftonLarsonAllen LLP 9 .