Notes to SEFA
Title: Federal Loans
Accounting Policies: The accompanying schedule presents the expenditures incurred (and related awards received) by the Project that are
reimbursable under federal programs of federal agencies providing financial assistance and state awards. For the
purposes of this schedule, only the portion of program expenditures reimbursable with such federal or state funds is
reported in the accompanying schedule. Program expenditures in excess of the maximum federal or state
reimbursement authorized or the portion of the program expenditures that were funded with local or other
nonfederal funds are excluded from the accompanying schedule. The expenditures included in the accompanying schedule were reported on the accrual basis of accounting.
Expenditures are recognized in the accounting period in which the related liability is incurred. Expenditures reported
included any property or equipment acquisitions incurred under the federal program. The information in this schedule
is presented in accordance with the requirements of Uniform Guidance. 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: N/A
The loan balance as of fiscal year end was: $ 2,671,600