Notes to SEFA
Title: 4 - LOANS
Accounting Policies: Expenditures reported on the Schedule are reported on the accural 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10-percent de minimis indirect cost rate allowed unt he Uniform Guidance.
As of june 30, 2023, the District had loans outstanding in the amount of $946,733 with an allowance for doubtful accounts of $18,243 under the Title IX-RLF loan program funded by the CARES Act. The revolving loan federal expenditures is calculated by taking the current year loan balance of $946,733, plus the cash balance of $314,862, plus the current year administrative expenditures of $0, plus $0 in loans written off in the current year, and then multiplying this total by the Federal share of 100% which equals $1,261,595.