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 principles contained in the Uniform
Guidance for all awards. Under these principles, certain types of expenditures are not
allowable or are limited as to reimbursement. Negative amounts shown on the Schedule
represent adjustments or credits made in the normal course of business to amounts
reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: AVSF has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance
The accompanying schedule of expenditures of federal awards (the Schedule) includes the
federal award activity of AVSF under programs of the federal government for the period
July 1, 2023 to September 30, 2024. The information in this Schedule is presented in
accordance with the requirements of 2 CFR 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 AVSF, it is not intended to,
and does not, present the financial position, changes in net assets, or cash flows of AVSF.
Title: Loan Balance
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
Such expenditures are recognized following the cost principles contained in the Uniform
Guidance for all awards. Under these principles, certain types of expenditures are not
allowable or are limited as to reimbursement. Negative amounts shown on the Schedule
represent adjustments or credits made in the normal course of business to amounts
reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: AVSF has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance
The federal loan program identified below is administered directly by AVSF, and balances
and transactions relating to this program are included in the financial statements of AVSF.
Loans outstanding at the beginning of the year are included in the federal expenditures
presented in the Schedule. The balance of loans outstanding at September 30, 2024
consisted of: