Notes to SEFA
Title: Note 1
Accounting Policies: Notes to the Schedule of Expenditures of Federal Awards
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.
Loan Guarantees
The Authority had three loans that were guaranteed by the U.S. Department of Agriculture.
The ending balances of each of the loans at December 31, 2023 were $87,911, $374,766,
and $41,344.
The Organization uses the de minimis rate of 10% to recover allowable indirect costs.
De Minimis Rate Used: Y
Rate Explanation: THE ORGANIZATION USES THE DE MINIMIS RATE.
Notes to the Schedule of Expenditures of Federal Awards
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.
Loan Guarantees
The Authority had three loans that were guaranteed by the U.S. Department of Agriculture.
The ending balances of each of the loans at December 31, 2023 were $87,911, $374,766,
and $41,344.
The Organization uses the de minimis rate of 10% to recover allowable indirect costs.