Notes to SEFA
Title: Loan Programs
Accounting Policies: The accompanying consolidated schedule of expenditures of federal awards (the schedule) includes the federal
award activity of the Organization under programs of the federal government for the year ended December 31,
2023. The information 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 the
Organization, it is not intended to and does not present the financial position, changes in net assets, or cash
flows of the Organization.
Expenditures reported on the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has
been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Organization does not draw for indirect administrative expenses and has not elected to use the 10% de
minimus cost rate.
Expenditures reported on this schedule consists of the beginning of the year outstanding loan balance of the
Organization’s USDA direct loans of $12,679,856, as well as $5,918,727, which is 90% of the beginning of the
year outstanding balance of the Organization’s USDA guaranteed loan. If applicable, advances made on the loans
during the year are reported on the schedule. The Organization made no advances on the loans during the year
ended December 31, 2023. The Organization’s outstanding loan balances for the direct loans and the
guaranteed loan as of December 31, 2023 are $12,457,175 and $6,443,133 (of which 90% is $5,798,820),
respectively.