Notes to SEFA
Title: Loan/loan Guarantee Outstanding Balance
Accounting Policies: The accompanying schedule of Expenditures of Federal Awards has been prepared on the accrual
basis of accounting. The information in this schedule is presented in accordance with the
requirements of the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
Therefore, some amounts presented in this schedule may differ from amounts presented in, or used
in preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Balances outstanding at the end of the audit period were $1,113,414.