Notes to SEFA
Title: Revolving Loan Funds
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of
program activity of the Association’s federal award programs does not necessarily
present transactions that would be included in financial statements of the Association
presented on the modified accrual basis of accounting, as contemplated by generally
accepted accounting principles.
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 Requirements for Federal Awards (the Uniform
Guidance). Because the Schedule presents only a selected portion of the operations
of the Association, it is not intended to and does not present the financial position,
changes in the financial position, or cash flows of the Association.
The Association has elected not to use the 10 percent de minimis indirect cost rate
allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Association has elected not to use the 10 percent de minimis indirect cost rate
allowed under the Uniform Guidance.
Beginning in 2008, the Economic Development Administration included instructions on
how to include expenditures for revolving loan funds on the Schedule of Expenditure
of Federal Awards (SEFA). These expenditures are actually the funds beginning capital
base reflected by any current activity.