Notes to SEFA
Title: NOTE 3 - LOAN AND LOAN GUARANTEES
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of LoE and is presented on the accrual basis of accounting. The information in this schedule is presented as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
De Minimis Rate Used: N
Rate Explanation: LoE has not elected to use the ten percent (10%) de minimis cost rate allowed under the Uniform Guidance.
LoE did not expend federal awards related to loans or loan guarantees during the year ended June 30, 2024. LoE had no loans outstanding at the year ended June 30, 2024.
Title: NOTE 4 - FEDERALLY FUNDED INSURANCE
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of LoE and is presented on the accrual basis of accounting. The information in this schedule is presented as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
De Minimis Rate Used: N
Rate Explanation: LoE has not elected to use the ten percent (10%) de minimis cost rate allowed under the Uniform Guidance.
LoE has no federally funded insurance.
Title: NOTE 5 - NONCASH ASSISTANCE
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of LoE and is presented on the accrual basis of accounting. The information in this schedule is presented as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
De Minimis Rate Used: N
Rate Explanation: LoE has not elected to use the ten percent (10%) de minimis cost rate allowed under the Uniform Guidance.
LoE did not receive federal noncash assistance for the year ended June 30, 2024.