Notes to SEFA
Title: Loans Outstanding
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal assistance activity of the Council and is presented on the accrual basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: The Council has elected not to use the 10% de minimis cost rate for its Federal programs.
The Microloan Program (AL No. 59.046) expenditures include outstanding loans with a total balance of $283,070 as of June 30, 2024.
Title: Revolving Loan Fund (RLF)
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal assistance activity of the Council and is presented on the accrual basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: The Council has elected not to use the 10% de minimis cost rate for its Federal programs.
The amount of Economic Adjustment Assistance presented on the Schedule of Expenditures of Federal Awards represents the balance of RLF loans receivable at the year end, cash balance in the RLF at the year end and the administrative expenses paid out of the RLF income during the fiscal year, summarized as follows: