Notes to SEFA
Title: Loans Outstanding
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Passthrough entity identifying numbers are presented where available. The Agency has not elected to use the 10 percent de minimus indiect cost rate as allowable under the Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate
Expenditures for loan programs on the Schedule are reported in accordance with 2 CFR 200.502 Section b, which states "the new loans made or received during the audit period; plus beginning of the audit period balance of loans from previous years for which the Federal government imposes continuing compliance requirements plus any interest subsidy, cas or administrative cost allowance received."