Notes to SEFA
Title: Major programs
Accounting Policies: NOTE 1 - GENERAL -The accompanying schedule of expenditures of federal awards presents the expenditures for the years
ended June 30, 2024 and 2023, of all the federally-assisted programs of the Organization. NOTE 2 – ACCOUNTING BASIS
The schedule was prepared following the accrual basis of accounting, which is further explained in Note
1 to the financial statements of the Organization.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10% de minimis indirect cost rate
The OMB Compliance Supplement requires the auditor to use a risk-based approach to determine major
programs. The OMB also provides an exemption to this approach on the first year of implementation of
the circular and when there is a change in auditors. The auditors went through the required procedures of
the risk-based approach to select the Organization’s major programs for the year ended June 30, 2024.
Title: Federal Loans Payable
Accounting Policies: NOTE 1 - GENERAL -The accompanying schedule of expenditures of federal awards presents the expenditures for the years
ended June 30, 2024 and 2023, of all the federally-assisted programs of the Organization. NOTE 2 – ACCOUNTING BASIS
The schedule was prepared following the accrual basis of accounting, which is further explained in Note
1 to the financial statements of the Organization.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10% de minimis indirect cost rate
At June 30, 2024, federal loans payable are those included in Note 8 of the financial statements
Title: Funds to Subrecipients
Accounting Policies: NOTE 1 - GENERAL -The accompanying schedule of expenditures of federal awards presents the expenditures for the years
ended June 30, 2024 and 2023, of all the federally-assisted programs of the Organization. NOTE 2 – ACCOUNTING BASIS
The schedule was prepared following the accrual basis of accounting, which is further explained in Note
1 to the financial statements of the Organization.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10% de minimis indirect cost rate
The Organization did not disburse funds to subrecipients for the years ended June 30, 2024 and 2023
Title: De minimis indirect cost rate
Accounting Policies: NOTE 1 - GENERAL -The accompanying schedule of expenditures of federal awards presents the expenditures for the years
ended June 30, 2024 and 2023, of all the federally-assisted programs of the Organization. NOTE 2 – ACCOUNTING BASIS
The schedule was prepared following the accrual basis of accounting, which is further explained in Note
1 to the financial statements of the Organization.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10% de minimis indirect cost rate
The Organization did not elect to use the 10% de minimis indirect cost rate
Title: Determinations of federal Award Expended
Accounting Policies: NOTE 1 - GENERAL -The accompanying schedule of expenditures of federal awards presents the expenditures for the years
ended June 30, 2024 and 2023, of all the federally-assisted programs of the Organization. NOTE 2 – ACCOUNTING BASIS
The schedule was prepared following the accrual basis of accounting, which is further explained in Note
1 to the financial statements of the Organization.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10% de minimis indirect cost rate
The basis used to determine the amount to be reported as program expenditures includes the following:
Expenditure/expense transactions associated with the grants and awards.
The value of new loans issued during the fiscal year ended June 30, 2024.
New loans issued are included as program expenditures because the Federal Government is at risk for
loans until the debt is repaid. A reconciliation between expenditures as per the statement of activities and
expenditures as per the schedule are as follows