Notes to SEFA
Title: Note 3
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Foundation and is presented on the accrual basis of accounting unless otherwise noted. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Foundation did not elect to use the de minimis indirect cost rate.
The balances of federal loans outstanding as of June 30, 2024 were:
Intermediary Relending Program $8,408,173
Rural Micro Entrepreneur Assistance Program $100,718
Title: Note 4
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Foundation and is presented on the accrual basis of accounting unless otherwise noted. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Foundation did not elect to use the de minimis indirect cost rate.
The Economic Adjustment Assistance program is a revolving loan fund and is considered to be a loan program. Federal expenditures reported above are based on the following formula, as specified by the Department of Commerce and Economic Development Administration.
Balance of RLF principal outstanding at year-end $1,123,332
Cash and investment balance in RLF at year-end $31,883
Federal Share of RLF Grant Award 80%
Economic Adjustment Assistance Federal Expenditures $924,172
Title: Note 5
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Foundation and is presented on the accrual basis of accounting unless otherwise noted. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Foundation did not elect to use the de minimis indirect cost rate.
There were no awards passed through to subrecipients.