Notes to SEFA
Title: Loans Outstanding
Accounting Policies: This statement is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Corporation did not elect to use the 10% de minimus indirect cost rate.
Loans outstanding include funds from both federal funds and local matching funds.
Title: Intermediary Relending Program
Accounting Policies: This statement is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Corporation did not elect to use the 10% de minimus indirect cost rate.
The Intermediary Relending Program loan payable balance is $301,413 at June 30, 2024 .
Title: Subrecipients
Accounting Policies: This statement is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Corporation did not elect to use the 10% de minimus indirect cost rate.
There are no grant subrecipients in the 2023-24 fiscal year.
Title: Formula for federal expenditures
Accounting Policies: This statement is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Corporation did not elect to use the 10% de minimus indirect cost rate.
The formula used to determine federal expenditures for 11.307 and 81.128 is as follows