Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are directly charged to the programs.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Authority and is presented on the accrual basis of accounting. The information in this schedule , is presented in accordance with the requirements of Title 2, US Code of Federal Regulations Part 299, Uniform Administrative Requirements, Cost Principle, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore some amounts presented in this schedule may differ from amounts presented in, or used in preparation of the basic financial statements. The Authority has not elected to use the TEN PERCENT DE MINIMUS INDIRECT COST RATE.
Title: Federal Loans
Accounting Policies: Accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are directly charged to the programs.
At March 31, 2924, the Authority had the following loan balances outstanding. The beginning loan balances totaling $1,381,538 are included in the federal expenditures. See the Notes to the SEFA for the table.