Notes to SEFA
Title: Basis of Presentation
Accounting Policies: See form tab for basis of presentation, indirect costs, subrecipients and loan notes.
De Minimis Rate Used: N
Rate Explanation: The Organization did not use an indirect cost rate.
This schedule includes the Federal awards activity of the Organization and is presented on the accrual basis of accounting. Grant awards are considered expended when the expense transactions associated with the grant occur. The outstanding loan balance is considered expended as long as the Federal government imposes continuing compliance requirements. The information in this schedule is presented in accordance with Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
Title: Indirect Costs
Accounting Policies: See form tab for basis of presentation, indirect costs, subrecipients and loan notes.
De Minimis Rate Used: N
Rate Explanation: The Organization did not use an indirect cost rate.
The Organization did not elect to use the ten percent de minimis indirect cost rate as allowed in the Uniform Guidance, 2 CFR 200.414.
Title: Subrecipients
Accounting Policies: See form tab for basis of presentation, indirect costs, subrecipients and loan notes.
De Minimis Rate Used: N
Rate Explanation: The Organization did not use an indirect cost rate.
The Organization provided no federal awards to subrecipients.
Title: Loan
Accounting Policies: See form tab for basis of presentation, indirect costs, subrecipients and loan notes.
De Minimis Rate Used: N
Rate Explanation: The Organization did not use an indirect cost rate.
The federal expenditure amount of $1,62,707 represents an outstanding mortgage note of which $1,558,385 was outstanding at June 30, 2023. The note bears interest at 4.05% and repayment is required for a term of 40 years. The final payment is due January 1, 2045.