Notes to SEFA
Title: LOANS
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
As of June 30, 2023, the District had loans outstanding in the amount of $477,867 under the Title IX-RLP loan program. The revolving loan federal expenditures is calculated by taking the current year loan balance of $477,867, plus the cash balance of $254,926, plus the current year administrative expenditures of $8,430, plus $0 in loans written off in the current year, and then multiplying this total by the Federal share of 75% which equals $555,917. In addition, as of June 30, 2023, the District had loans outstanding in the amount of $650,101 under the CARES Act Title IX-RLP Economic Recovery loan program. The revolving loan federal expenditures is calculated by taking the current year loan balance of $650,101, plus the cash balance of $75,135, plus the current year administrative expenditures of $6,344, plus $0 in loans written off in the current year, and then multiplying this total by the Federal share of 100% which equals $731,580 under the CARES Act Title IX-RLP Economic Recovery loan program.