Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: BASIS OF ACCOUNTINGAFS uses the accrual basis method of accounting. Using this method of accounting, revenue and accounts receivable are reported when funds are considered earned, regardless of when cash is received. Expenses and accounts payable are reported when obligations are incurred, regardless of when cash is disbursed.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
DISASTER ASSISTANCE LOANS (59.008) - Balances outstanding at the end of the audit period were 392198.