Notes to SEFA
Title: NOTE 4 – NOTES PAYABLE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in OMB Super Circular, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Sallal Water Association has not elected to use the 10% de minimus indirect cost rate.
Sallal Water Association had the following notes payable at December 31, 2023:
Federal Outstanding
Assistance Pass-through Contract Loan
Listing Entity Number Balance
10.760 USDA 56-017-365453996 $ 1 ,997,082
10.760 USDA 56-017-237091727 6,462,785
$ 8,459,867