Notes to SEFA
Title: RELATIONSHIP TO THE FINANCIAL STATEMENTS
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The entity has not elected to use the 10% de minimis indirect cost rate per Title 2 U.S. Code of Federal Regulations (CFR) Part 200.
The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200.516. Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in, the preparation of the financial statements.
Title: LOAN BALANCE
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The entity has not elected to use the 10% de minimis indirect cost rate per Title 2 U.S. Code of Federal Regulations (CFR) Part 200.
Federal Expenditures for Assistance Listing Program 14.155 include the $1,168,324 loan balance at the beginning of the audit period. The loan balance at September 30, 2024 was $1,142,772.