Notes to SEFA
Title: Subrecipients
Accounting Policies: This statement is prepared using the same basis of accounting as the Commission's financial statements. The Commission uses the accrual basis of accounting. Expenditures represent only the federally funded portions of the program. Commission records should be consulted to determine amounts expended or matched from non-federal sources.
De Minimis Rate Used: N
Rate Explanation: The Commission has an indirect cost allocation plan on file in accordance with Uniform Guidance. The Commission did not use the 10% de minimus indirect cost rate.
The Commission has no subrecipients.
Title: Loans Outstanding
Accounting Policies: This statement is prepared using the same basis of accounting as the Commission's financial statements. The Commission uses the accrual basis of accounting. Expenditures represent only the federally funded portions of the program. Commission records should be consulted to determine amounts expended or matched from non-federal sources.
De Minimis Rate Used: N
Rate Explanation: The Commission has an indirect cost allocation plan on file in accordance with Uniform Guidance. The Commission did not use the 10% de minimus indirect cost rate.
Loans outstanding include funds from both federal funds and local matching funds.
Title: Federal Expenditures
Accounting Policies: This statement is prepared using the same basis of accounting as the Commission's financial statements. The Commission uses the accrual basis of accounting. Expenditures represent only the federally funded portions of the program. Commission records should be consulted to determine amounts expended or matched from non-federal sources.
De Minimis Rate Used: N
Rate Explanation: The Commission has an indirect cost allocation plan on file in accordance with Uniform Guidance. The Commission did not use the 10% de minimus indirect cost rate.
Federal expenditures for 11.307 are current year expenses from Award Number 06-79-06214.
Title: Formula for Federal Expenditures
Accounting Policies: This statement is prepared using the same basis of accounting as the Commission's financial statements. The Commission uses the accrual basis of accounting. Expenditures represent only the federally funded portions of the program. Commission records should be consulted to determine amounts expended or matched from non-federal sources.
De Minimis Rate Used: N
Rate Explanation: The Commission has an indirect cost allocation plan on file in accordance with Uniform Guidance. The Commission did not use the 10% de minimus indirect cost rate.
The formula used to determine federal expenditures for 11.307 is as follows: Revolving Loan Funds loans outstanding at December 31, 2023 - $825,592; Cash and investment balance at December 31, 2023 - $224,409; Subtotal $1,049,999; Federal Share 100%; Federal Share $1,049,999