Notes to SEFA
Title: Relationship to the Financial Statements
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The entity has not elected to use the 10% de minimis indirect cost rate.
The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations. Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in, the preparation of the financial statements.
Title: Mortgage Loan Balance
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The entity has not elected to use the 10% de minimis indirect cost rate.
Federal expenditures for Program 14.155 include the loan balance as of the beginning of the audit period. The balance at June 30, 2024 was $364,587.