Notes to SEFA
Title: Federal Loan Program Balances
Accounting Policies: Basis of Presentation - The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the Federal award activity of CAST under programs of the Federal government for the year ended June 30, 2022. 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 CAST, it is not intended to and does not present the financial position, changes in net assets, or cash flows of CAST. Summary of Significant 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. Negative amounts shown on the Schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: CAST has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The balance outstanding under the Hummingbird Haven Acquisition Loan at June 30, 2022 is as follows: Award B-20-MC-06-0523, ALN 14.218, Balance $ 2,945,000 Award B-20-MC-06-0523, ALN 21.019, Balance $422,966