Notes to SEFA
Title: 4. LOAN PROGRAM
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Joint Well Field, Inc. (the Organization) under programs of the federal government for the year ended December 31, 2024. The information 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). Because the schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization. Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Organization does not draw for indirect administrative expenses and has not elected to use the 10% de minimis cost rate.
Joint Well Field, Inc. received a loan from the South Dakota Board of Water and Natural Resources Revolving Fund Program. This program offers assistance to Joint Well Field, Inc., for up to 100% of all approved total project costs. The table below includes both federal and state funds subject to the program. Balance December 31, 2023 $ 4,120,033 New Loans 1,000,969 Payments (93,435) Balance December 31, 2024 $ 5,027,567