Notes to SEFA
Title: Note 3 - Loan Program Outstanding Balance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes grant activity of Florida Opportunity Fund, Inc. and is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to utilize the 10% de minimis indirect cost rate.
For purposes of federal awards, the Organization has a loan outstanding from the U.S. Department of Energy totaling $36,089,000 as of June 30, 2022. The grantor appropriated the funding to the Florida Opportunity Fund to be used in perpetunity, accordingly a loan is not recorded as a liability on the Consolidated Statement of Financial Position.