Notes to SEFA
Title: RELATIONSHIP TO THE FINANCIAL STATEMENTS
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the 10% de minimis indirect cost rate.
The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200:516. Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in, the preparation of the financial statements.
Title: CAPITAL ADVANCE BALANCE
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the 10% de minimis indirect cost rate.
Federal expenditures for Program 14.157 include the $1,230,900 capital advance balance at the beginning of the audit period and project rental assistance of $134779. The capital advance balance at June 30, 2024 was also $1,230,900.