Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Basis of Presentation - The accompanying schedule of expenditures of federal awards includes the grant activity of the Project and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance wth the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
This amount does not represent a current year expenditure; however, it must be used in determining whether or not a single audit in accordance with Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards is required.