Notes to SEFA
Title: Allocation of Costs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal awards programs administered by the Corporations, as defined in Note 1 to the financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other government agencies, are included on the Schedule of Expenditures of Federal Awards. The basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program. The information is presented in accordance with the requirements of Uniform Guidance and Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: Indirect costs of administering loans are included in the reported, to the extent they are included in the federal financial reports used as the source for the data presented. The Corporations have chosen not to use the 10% de minimis cost rate.
Costs have been allocated to programs based on a reasonable estimate of time spent on operating and loan administration. Loan administration expenses were allocated to the revolving loan funds based on the number of loans being serviced and the amount of work associated with the type of loan.
Title: Matching Costs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal awards programs administered by the Corporations, as defined in Note 1 to the financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other government agencies, are included on the Schedule of Expenditures of Federal Awards. The basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program. The information is presented in accordance with the requirements of Uniform Guidance and Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: Indirect costs of administering loans are included in the reported, to the extent they are included in the federal financial reports used as the source for the data presented. The Corporations have chosen not to use the 10% de minimis cost rate.
Matching costs, such as, the Corporations’ share of certain program costs, are not included in the reported expenditures.
Title: Other Disclosures
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal awards programs administered by the Corporations, as defined in Note 1 to the financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other government agencies, are included on the Schedule of Expenditures of Federal Awards. The basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program. The information is presented in accordance with the requirements of Uniform Guidance and Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: Indirect costs of administering loans are included in the reported, to the extent they are included in the federal financial reports used as the source for the data presented. The Corporations have chosen not to use the 10% de minimis cost rate.
No insurance is carried specifically to cover equipment purchased with federal funds. Any equipment purchased with federal funds has only a nominal value and is covered by the Corporations’ casualty insurance policies. No noncash assistance was received during the year. No loan guarantees were outstanding at year end. For the applicable programs, the Schedule of Expenditures of Federal Awards includes the value of new loans made during the fiscal year, from both new loans received and the balance of loans received in previous years for which continuing compliance requirements are imposed.
The value of loans outstanding at September 30, 2023 consists of: