Notes to SEFA
Title: Outstanding Loan Balances
Accounting Policies: The schedule of expenditures of federal awards includes the federal grant activity of the Ward Burton Wildlife Foundation (the “Foundation”).
Expenditures reported on the schedule are reported on the modified cash basis of accounting and, accordingly, represent the total cash expended for the program. The schedule does not include transactions that might be included using the accrual basis of accounting as contemplated by generally accepted accounting principles. 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.
De Minimis Rate Used: N
Rate Explanation: The Foundation has not elected to use the de minimis 10% indirect cost rate.
At December 31, 2023, the Foundation had no outstanding loan balances requiring continuing disclosure.