Notes to SEFA
Title: NOTE 1 – Basis of Presentation
Accounting Policies: The accompanying SEFA is presented using the accrual basis of accounting, which is described in the notes to the consolidated financial statements of PACE as of and for the year ended June 30, 2024.
De Minimis Rate Used: N
Rate Explanation: PACE has elected not to use the 10% de minimis indirect cost rate as allowed under the
Uniform Guidance. For pass-through funds, PACE is required to use an actual or provisional
indirect cost rate as determined by the funder and the 10% de minimis indirect cost rate
is not contractually available for use.
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal
grant activity of Pacific Asian Consortium in Employment (PACE) and is presented on the
accrual basis of accounting. The SEFA does not include expenditures of PACE’s subsidiary,
Pace Finance Corporation, as Pace Finance Corporation has a separate single audit. The
information in this schedule is presented in accordance with the requirements of Title 2
U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore,
some amounts presented in this schedule may differ from amounts presented in, or used
in the preparation of, the consolidated financial statements.
Title: NOTE 2 – Summary of Significant Accounting Policies
Accounting Policies: The accompanying SEFA is presented using the accrual basis of accounting, which is described in the notes to the consolidated financial statements of PACE as of and for the year ended June 30, 2024.
De Minimis Rate Used: N
Rate Explanation: PACE has elected not to use the 10% de minimis indirect cost rate as allowed under the
Uniform Guidance. For pass-through funds, PACE is required to use an actual or provisional
indirect cost rate as determined by the funder and the 10% de minimis indirect cost rate
is not contractually available for use.
The accompanying SEFA is presented using the accrual basis of accounting, which is
described in the notes to the consolidated financial statements of PACE as of and for the
year ended June 30, 2024.
PACE has elected not to use the 10% de minimis indirect cost rate as allowed under the
Uniform Guidance. For pass-through funds, PACE is required to use an actual or provisional
indirect cost rate as determined by the funder and the 10% de minimis indirect cost rate
is not contractually available for use.
There were no awards passed through to subrecipients.
Title: NOTE 3 – Outstanding Loan Balance
Accounting Policies: The accompanying SEFA is presented using the accrual basis of accounting, which is described in the notes to the consolidated financial statements of PACE as of and for the year ended June 30, 2024.
De Minimis Rate Used: N
Rate Explanation: PACE has elected not to use the 10% de minimis indirect cost rate as allowed under the
Uniform Guidance. For pass-through funds, PACE is required to use an actual or provisional
indirect cost rate as determined by the funder and the 10% de minimis indirect cost rate
is not contractually available for use.
PACE has received funds from the U.S. Small Business Administration as part of the
Microloan Program (Assistance Listing #59.046). The outstanding balance of the loans
was $788,645 at June 30, 2024.