Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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. Pass-through indentifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Cost rates used are determined by budgets approved by grantor agency.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Small Business Assistance Corporation under programs of the federal government for the year ended September 30, 2024. 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 the Schedule may differ from amounts presented in the financial statements. Because the Schedule presents only a selected portion of the operations of the Small Business Assistance Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Small Business Assistance Corporation. All of the Small Business Assistance Corporation's federal awards were in the form of cash assistance for the year ended September 30, 2024.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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. Pass-through indentifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Cost rates used are determined by budgets approved by grantor agency.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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. Pass-through entity identifying numbers are presented where available.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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. Pass-through indentifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Cost rates used are determined by budgets approved by grantor agency.
The Small Business Assistance Corporation has elected not to use the 10 percent de Minimus indirect cost rate allowed under the Uniform Guidance.
Title: Loan Ending Balances
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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. Pass-through indentifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Cost rates used are determined by budgets approved by grantor agency.
The Small Business Assistance Corporation administers a Microloan Program funded by the Small Business Administration. Additionally, the Organization administers Intermediary Relending and Rural Microentrepreneur Assistance Programs funded by the U.S. Department of Agriculture. Balances and transactions related to this program are included in the Small Business Assistance Corproation's basic financial statements. The beginning balance of outstanding loans, and any new funds drawn for loans made during the year are included in the federal expenditures presented in the Schedule. The balance of the loans outstanding at September 30, 2024 consist of: See the Notes to the SEFA for chart/table