Notes to SEFA
Title: BASIS OF ACCOUNTING
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the same accrual basis of accounting as the financial statements. Expenditures represent only the federally funded portions of the program. District records should be consulted to determine amounts expended or matched from non-federal sources.
De Minimis Rate Used: N
Rate Explanation: The negotiated provisional indirect cost rate of 20.00% was used.
The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as the Districts financial statements. The District uses the accrual basis of accounting. Expenditures represent only the federally funded portions of the program. District records should be consulted to determine amounts expended or matched from non-federal sources.
Title: VALUATION OF FEDERAL REVOLVING LOAN FUNDS and CARES RLF
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the same accrual basis of accounting as the financial statements. Expenditures represent only the federally funded portions of the program. District records should be consulted to determine amounts expended or matched from non-federal sources.
De Minimis Rate Used: N
Rate Explanation: The negotiated provisional indirect cost rate of 20.00% was used.
11.307 - Value of new loans made during audit period $30,000. Administrative expenses for the year ended $1,712. EDA's Share Percentage 100%. Total revolving loan funds $31,712.
Title: IDENTIFIES A MAJOR PROGRAM
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the same accrual basis of accounting as the financial statements. Expenditures represent only the federally funded portions of the program. District records should be consulted to determine amounts expended or matched from non-federal sources.
De Minimis Rate Used: N
Rate Explanation: The negotiated provisional indirect cost rate of 20.00% was used.
21.027 tested as a major program.