Notes to SEFA
Title: Basis of Presentation
Accounting Policies: (a) 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.
(b) Corporation has elected not to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
(c) The outstanding balance of loan and loan guarantee programs at June 30, 2023 with
continuing compliance requirements which are reported as federal expenditures on the
accompanying schedule of expenditures of federal awards was $2,251,200.
De Minimis Rate Used: N
Rate Explanation: Corporation 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) includes the
federal grant activity of Hickory Lane One, Inc. and is presented on the accrual basis of
accounting. The information in this schedule is presented in accordance with the requirements of
Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements,
Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore,
some amounts presented in this Schedule may differ from amounts presented in, or used in the
preparation of, the basic financial statements.