Notes to SEFA
Title: OUTSTANDING LOAN BALANCES
Accounting Policies: The schedule of expenditures of federal awards presents the activity of all federal award programs of the Board and is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Board has not elected to use the de minimis 10% rate for the allocation of indirect costs.
The Board does not have any outstanding loan balances requiring continuing disclosure.
Title: PRIOR PERIOD EXPENDITURES
Accounting Policies: The schedule of expenditures of federal awards presents the activity of all federal award programs of the Board and is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Board has not elected to use the de minimis 10% rate for the allocation of indirect costs.
The fiscal year 2024 schedule includes $2,712,871 of fiscal year 2023 expenditures for COVID-19 Coronavirus State and
Local Fiscal Recovery Funds due to delays in determination of full use of funds and approvals at the pass-through entity
level.