Notes to SEFA
Title: Note 4 - Loans
Accounting Policies: Note 1 - Basis of Presentation
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of SAH 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 SAH, it is not intended to and does not present the financial position, changes in net position or cash flows of SAH.
Note 2 - 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. No federal assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: Note 3 - Indirect Cost Rate
SAH has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance and does not draw for indirect costs.
The balance of loans outstanding at June 30, 2024 consists of: "See Notes to SEFA for the chart/table"