Notes to SEFA
Accounting Policies: Note 1. Basis of Presentation
The schedule of expenditures of federal awards is presented in accordance with requirements of Title 2
U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles,
and Audit Requirements for Federal Awards. Therefore some amounts presented in this schedule may
differ from amounts presented in the financial statement.
Note 2. Rural Development Loan
The Authority had two loans that were guaranteed by the U.S. Department of Agriculture. The ending
balances of each of the loans at September 30, 2022 were $595,974 and $770,572.
Note 3. Indirect Cost Rate
The Authority uses the deminis cost rate of 10% to allocate indirect costs.
De Minimis Rate Used: Y
Rate Explanation: Note 3. Indirect Cost Rate
The Authority uses the deminis cost rate of 10% to allocate indirect costs.