Notes to SEFA
Title: Loan/loan guarantee outstanding balance
Accounting Policies: The schedule of expenditures of federal awards has been prepared on an accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and also presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards for all new federal awards received on or after December 26, 2014, and for funding increments (additional funding on existing awards) with modified terms and conditions that are awarded on or after that date, and OMB A-133 for federal awards made prior to December 31, 2014. Because the Schedule presents only a selected portion of the operations of the Association, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Association.
De Minimis Rate Used: N
Rate Explanation: The Association has elected not to use a de minimis indirect cost rate as allowed under the Uniform Guidance.
The loan with USDA Rural Development was subject to continuing compliance requirements. The balance of this loan as of December 31, 2023, was $4,862,363.