Notes to SEFA
Title: #3 LOANS OUTSTANDING
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. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The current year expenditures, in accordance with Uniform Guidance, includes USDA loan balances for community facilities loans with continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: DID NOT ELECT TO USE
SEE ATTACHED
Title: #4 RECONCILIATION OF SEFA TO F.S.
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. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The current year expenditures, in accordance with Uniform Guidance, includes USDA loan balances for community facilities loans with continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: DID NOT ELECT TO USE
SEE ATTACHED