Notes to SEFA
Title: Insurance Requirements
Accounting Policies: The Schedule of Expenditures of Federal Awards was prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Association did not elect the 10% de minimis indirect cost rate. The Association does not receive any money for administrative cost.
Insurance is required for the construction of the project.
Title: Loan Balances
Accounting Policies: The Schedule of Expenditures of Federal Awards was prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Association did not elect the 10% de minimis indirect cost rate. The Association does not receive any money for administrative cost.
There are no loans from federal sources.