Notes to SEFA
Title: Loans Outstanding
Accounting Policies: This statement is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Corporation did not elect to use the 10% de minimus indirect cost rate.
Loans outstanding include funds from both federal funds and local matching funds.
Title: Intermediary Relending Program
Accounting Policies: This statement is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Corporation did not elect to use the 10% de minimus indirect cost rate.
The Intermediary Relending Program loan payable balance is $329,852 at June 30, 2023 .
Title: Formula for federal expenditures
Accounting Policies: This statement is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Corporation did not elect to use the 10% de minimus indirect cost rate.
The formula used to determine federal expenditures for 11.307 and 81.128 is as follows