Notes to SEFA
Title: Federal Permanent Financing
Accounting Policies: The information is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with 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 (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent such costs are included in the federal financial reports used as the source for the data presented. The Company does not use the 10% de minimis election.
The amounts reported for Assistance Listing Number 14.197 and 14.135 in expenditures relate to Federal loan financing. The ending balance of these loans are $493,702 and $214,300, respectively, at March 31, 2022.