Notes to SEFA
Title: Note 3 – Federal Loans
Accounting Policies: This Schedule is prepared on the same basis of accounting as the district’s financial statements.
The district uses the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The district has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The district was approved by US Department of Agriculture to receive a loan totaling $1,627,800
for the construction of a 5,100 Square foot building. The amount listed for this loan includes the
beginning of the period loan balance plus proceeds used during the year. The balance owing at
the end of the period is $969,646.