Notes to SEFA
Title: Loan/loan guarantee outstanding balance
Accounting Policies: The accompanying schedule of Expenditures of Federal Awards has been prepared on the accrualbasis of accounting. The information in this schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, someamounts presented in this schedule may differ from amounts presented in, or used in preparationof, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Balances outstanding at the end of the audit period were $5,500,300.