Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Corporation has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of UCEDC (the “Corporation”) under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”) Because the Schedule presents only a selected portion of the operations of the Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Corporation.
Title: Direct Loans
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Corporation has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
At December 31, 2023, the following amounts were outstanding under the loans made from the following sources:
U.S. Small Business Administration – Microloan program $ 4,871,840 U.S. Small Business Administration – 7(a) Loan Guarantees 929,018
$ 5,800,858