Notes to SEFA
Title: Capital Advance Program
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal
awards activity of the Project under programs of the federal government for the year ended
September 30, 2023. The information in the 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 (the Uniform
Guidance). Because the Schedule presents only a selected portion of the operations of the Project,
it is not intended to and does not present the financial position, changes in net assets (deficit), or
cash flows of the Project. 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 or
other federal regulations, wherein certain types of expenditures are not allowable or are limited as
to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
See Note 5 in the accompanying notes to financial statements for additional information on the
Capital Advance Program. The balance of the capital advance was $1,338,900 at September 30,
2023.