Notes to SEFA
Title: Note D Non-Cash Awards
Accounting Policies: Note A - Basis of Presentation:
The accompanying schedule of expenditures of federal awards includes the federal award activity of Sarah’s Circle and Affiliates under programs of the federal government for the year ended
June 30, 2024. 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 Sarah’s Circle and Affiliates, it is not intended to and does not represent the financial position, changes in net assets, or cash flows of Sarah’s Circle and Affiliates.
Note B - 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Sarah’s Circle and Affiliates did not elect to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the schedule of expenditures of federal awards. The balances of loans outstanding at June 30, 2024 consist of the following:
Cluster/Program Title Assistance Listing Number Loan Balances
Home Investment Partnerships Program 14.239 $ 1,854,143