Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Note 4 - Summary of Significant Accounting Policies Expenditures represent: 1. allowable costs, determined in accordance with federal cost principles, for cost-reimbursement contracts; and 2. allowable billings for fixed-fee and united of service contracts. 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
COVID-19 DISASTER ASSISTANCE LOAN (59.008) - Balances outstanding at the end of the audit period were 150000.
Title: Note 2 - Contingency
Accounting Policies: Note 4 - Summary of Significant Accounting Policies Expenditures represent: 1. allowable costs, determined in accordance with federal cost principles, for cost-reimbursement contracts; and 2. allowable billings for fixed-fee and united of service contracts. 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Amounts received or receivable from grantor agencies are subject to audit and adjustment by those agencies. Any disallowed claims, including amounts already received, might constitute a liability for the return of those funds. In the opinion of management, all grant expenditures were in compliance with the terms of the grant agreements and applicable federal laws and regulations.
Title: Note 1 - Basis of Presentation
Accounting Policies: Note 4 - Summary of Significant Accounting Policies Expenditures represent: 1. allowable costs, determined in accordance with federal cost principles, for cost-reimbursement contracts; and 2. allowable billings for fixed-fee and united of service contracts. 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards 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 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 basic financial statements.