Notes to SEFA
Title: Note 1 – Basis of Presentation
Accounting Policies: see Form page
De Minimis Rate Used: Y
Rate Explanation: Auditee did us the de miminis cost rate
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of the
Corporation under programs of the federal government for the year ended December 31, 2023. The information in this Schedule
is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents
only a selected portion of the operations of the Corporation, it is not intended to and does not present the financial position,
changes in net assets, or cash flows of the Corporation.
Title: Note 2 – Summary of Significant Accounting Policies
Accounting Policies: see Form page
De Minimis Rate Used: Y
Rate Explanation: Auditee did us the de miminis cost rate
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal
course of business to amounts reported as expenditures in prior years. The Corporation has elected to use the 10-percent de
minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note 3 – Loan Balances
Accounting Policies: see Form page
De Minimis Rate Used: Y
Rate Explanation: Auditee did us the de miminis cost rate
Expenditures of Federal Awards related to outstanding loans:
Balance of loans as of December 31, 2022 $1,750,507
Current year expenditures of loan proceeds -
1,750,507
Principal payments (44,244)
Balance as of December 31, 2023 $1,706,263