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 limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Ascendus has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) presents the financial activity of the federally assisted programs of Ascendus, Inc. (“Ascendus”) for the year ended December 31, 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 (“Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of Ascendus, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Ascendus.
Title: SMALL BUSINESS ADMINISTRATION 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 limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Ascendus has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Ascendus is only responsible for the performance of certain administrative duties with respect to Small Business Administration (“SBA”) loans disbursed, and not responsible for any ongoing compliance requirements. Therefore, the transactions and the balance of loans outstanding reported on the Schedule are only the amounts loaned during the year ended December 31, 2023.