Notes to SEFA
Title: Direct Loan
Accounting Policies: Expenditures reported on this 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. The District has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The entity did not utilize the de minimis cost rate.
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 related loan balance was $7,924,902 at June 30,
2024.