Notes to SEFA
Title: LOAN BALANCES
Accounting Policies: EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING, AS APPLICABLE, EITHER THE COST PRINCIPLES CONTAINED IN OMB CIRCULAR A-122, "COST PRINCIPLES FOR NON-PROFIT ORGANIZATIONS' OR THE COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE.
THE LOAN BALANCES REPORTED ON THE SCHEDULE OF $3,447,765 ARE FOR OUTSTANDING NOTES PAYABLES WITH ONGOING COMPLIANCE REQUIREMENTS. LOANS OUTSTANDING AT THE BEGINNING OF THE YEAR ARE INCLUDED IN THE FEDERAL EXPENDITURES PRESENTED IN THE SCHEDULE. THE BALANCE OF LOANS OUTSTANDING AT DECEMBER 31, 2022 IS $3,447,765.