Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principle contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Organization has elected to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the
federal award activity of WomenVenture (the Organization) 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 the Organization, it is not intended to and does not present the financial position, changes in
net assets or cash flows of the Organization.
Title: Program Income
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principle contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Organization has elected to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
In accordance with terms of the U.S. Department of the Treasury and U.S. Small Business
Administration agreements, program income was used to reduce the amount of federal funds
used to fund additional loans to borrowers. Program income earned on federal grant programs
was not included in the schedule of expenditures of federal awards.
Title: Federal Loans Payable
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principle contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Organization has elected to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The federal loan program listed subsequently is administered directly by the Organization and balances and transactions relating to this program are included in the Organization's basic
financial statements. Loans outstanding at the beginning of the year and loans made during the year as well as the administrative cost allowance are included in the federal expenditures
presented in the Schedule. The balance of loans outstanding at June 30, 2024 consists of: See the Notes to the SEFA for chart/table.