Notes to SEFA
Title: Loan/Loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate, used direct costs only.
RURAL ECONOMIC DEVELOPMENT LOANS AND GRANTS (10.854) - Balances outstanding at the end of the audit period were $812,500.
Title: Calculation of Rural Economic Development Loans and Grants Expenditures on the SEFA
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate, used direct costs only.
The reported expenditures were calculated as follows in accordance with guidance by the grantor: Revolving Loan Fund (RLF): Outstanding loans as of December 31, 2023 $1,382,017. Cash and investments as of December 31, 2023 $166,022. Administrative expenses paid out of RLF income during 2023 $11,000. Subtotal $1,559,039. Calculation of Federal Participation Rate (FPR): Original loan $1,000,000. Original Grant $600,000. Original match (in-kind) $120,000. Subtotal $1,720,000. FPR - Original loan and grant awarded divided by total including original match 93.0233%. Expenditures reported on the SEFA $1,450,269.