Notes to SEFA
Title: Basis of Presentation
Accounting Policies: (1) 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.
(2) Pass-through entity identifying numbers are presented where available.
(3) SW GA United has elected to use the 10-percent de minimis indirect cost rate allowed the under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The entity has elected to use the 10% indirect cost rate
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of SW GA United under programs for the federal government for the year ended December 31, 2023. 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 SW GA United, it is not intended to and does not present the financial position, changes in net assets, or cash flows of SW GA United.
Title: Summary of Significant Accounting Policies
Accounting Policies: (1) 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.
(2) Pass-through entity identifying numbers are presented where available.
(3) SW GA United has elected to use the 10-percent de minimis indirect cost rate allowed the under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The entity has elected to use the 10% indirect cost rate
(1) 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.
(2) Pass-through entity identifying numbers are presented where available.
(3) SW GA United has elected to use the 10-percent de minimis indirect cost rate allowed the under the Uniform Guidance.
Title: Revolving Loan Programs
Accounting Policies: (1) 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.
(2) Pass-through entity identifying numbers are presented where available.
(3) SW GA United has elected to use the 10-percent de minimis indirect cost rate allowed the under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The entity has elected to use the 10% indirect cost rate
The Rural Microentrepreneur Assistant Program (“RMAP”) Promissory Note, Community Development Financial Institution Program Note, and the Intermediary Relending Program (“IRP”) Promissory Note are administered directly by SW GA United and balances and transactions relating to these programs are included in SW GA United’s financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balances of loans outstanding at December 31, 2023 consist of: