Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The accompanying schedule of federal awards includes the federal grant activity of The Center for Rural Affairs and Controlled Organizations and is presented on the accrual basis of accounting. Grant awards are considered expended when the expense transactions associated with the grant occur.
De Minimis Rate Used: Y
Rate Explanation: The Center for Rural Affairs and Controlled Organizations has elected to use the ten percent de minimis indirect cost rate as allowed in the Uniform Guidance, 2 CFR 200.414.
The accompanying schedule of federal awards includes the federal grant activity of The Center for Rural Affairs and Controlled Organizations and is presented on the accrual basis of accounting. Grant awards are considered expended when the expense transactions associated with the grant occur. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic financial statements.
Title: Subrecipients
Accounting Policies: The accompanying schedule of federal awards includes the federal grant activity of The Center for Rural Affairs and Controlled Organizations and is presented on the accrual basis of accounting. Grant awards are considered expended when the expense transactions associated with the grant occur.
De Minimis Rate Used: Y
Rate Explanation: The Center for Rural Affairs and Controlled Organizations has elected to use the ten percent de minimis indirect cost rate as allowed in the Uniform Guidance, 2 CFR 200.414.
The Center for Rural Affairs and Controlled Organizations provided federal awards to subrecipients as presented in the schedule.
Title: Indirect Costs
Accounting Policies: The accompanying schedule of federal awards includes the federal grant activity of The Center for Rural Affairs and Controlled Organizations and is presented on the accrual basis of accounting. Grant awards are considered expended when the expense transactions associated with the grant occur.
De Minimis Rate Used: Y
Rate Explanation: The Center for Rural Affairs and Controlled Organizations has elected to use the ten percent de minimis indirect cost rate as allowed in the Uniform Guidance, 2 CFR 200.414.
The Center for Rural Affairs and Controlled Organizations has elected to use the ten percent de minimis indirect cost rate as allowed in the Uniform Guidance, 2 CFR 200.414.
Title: Loan Programs
Accounting Policies: The accompanying schedule of federal awards includes the federal grant activity of The Center for Rural Affairs and Controlled Organizations and is presented on the accrual basis of accounting. Grant awards are considered expended when the expense transactions associated with the grant occur.
De Minimis Rate Used: Y
Rate Explanation: The Center for Rural Affairs and Controlled Organizations has elected to use the ten percent de minimis indirect cost rate as allowed in the Uniform Guidance, 2 CFR 200.414.
The following federal loan programs are administered directly by the Organization. All balances and transactions relating to these programs are included in the Organization's basic financial statements. Loans outstanding at the beginning of the year and loans made during the year totaling $7,669,244 are included in the federal expenditures presented in the Schedule of Expenditures of Federal Awards. The balance of loans outstanding at August 31, 2024, consists of the following: