Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The accompanying schedule of federal awards includes the federal grant activity of The Center for Rural Affairs and Controlled Organizations and is presented on the accrual basis of accounting. Grant awards are considered expended when the expense transactions associated with the grant occur.
De Minimis Rate Used: Y
Rate Explanation: The Center for Rural Affairs and Controlled Organizations has elected to use the ten percent de minimis indirect cost rate as allowed in the Uniform Guidance, 2 CFR 200.414.
The accompanying schedule of federal awards includes the federal grant activity of The Center for Rural Affairs and Controlled Organizations and is presented on the accrual basis of accounting. Grant awards are considered expended when the expense transactions associated with the grant occur. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic financial statements.
Title: Indirect Costs
Accounting Policies: The accompanying schedule of federal awards includes the federal grant activity of The Center for Rural Affairs and Controlled Organizations and is presented on the accrual basis of accounting. Grant awards are considered expended when the expense transactions associated with the grant occur.
De Minimis Rate Used: Y
Rate Explanation: The Center for Rural Affairs and Controlled Organizations has elected to use the ten percent de minimis indirect cost rate as allowed in the Uniform Guidance, 2 CFR 200.414.
The Center for Rural Affairs and Controlled Organizations has elected to use the ten percent de minimis indirect cost rate as allowed in the Uniform Guidance, 2 CFR 200.414.
Title: Loan Programs
Accounting Policies: The accompanying schedule of federal awards includes the federal grant activity of The Center for Rural Affairs and Controlled Organizations and is presented on the accrual basis of accounting. Grant awards are considered expended when the expense transactions associated with the grant occur.
De Minimis Rate Used: Y
Rate Explanation: The Center for Rural Affairs and Controlled Organizations has elected to use the ten percent de minimis indirect cost rate as allowed in the Uniform Guidance, 2 CFR 200.414.
The following federal loan programs are administered directly by the Center for Rural Affairs and Controlled Organizations. All balances and transactions relating to these programs are included in the Center for Rural Affairs and Controlled Organizations’ basic financial statements. Loans outstanding at the beginning of the year and loans made during the year totaling $3,178,466 are included in the federal expenditures presented in the Schedule of Expenditures of Federal Awards. The balance of loans outstanding at August 31, 2023, consists of the following:
Title: Loan Programs
Accounting Policies: The accompanying schedule of federal awards includes the federal grant activity of The Center for Rural Affairs and Controlled Organizations and is presented on the accrual basis of accounting. Grant awards are considered expended when the expense transactions associated with the grant occur.
De Minimis Rate Used: Y
Rate Explanation: The Center for Rural Affairs and Controlled Organizations has elected to use the ten percent de minimis indirect cost rate as allowed in the Uniform Guidance, 2 CFR 200.414.
Outstanding
Balance at
CFDA Number Program Name 8/31/23
59.046 Microloan Program $1,387,220
10.870 Rural Microenterprise Assistance Program 745,710
10.767 Intermediary Relending Program 347,232
Total $2,480,162