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 cost principles 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 Fund has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform
Guidance for the year ended September 30, 2024.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant
activity of Northwest Access Fund (the Fund) under programs of the federal government for the year ended
September 30, 2024. The information in the 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). Because the Schedule presents only a selected
portion of the operations of the Fund, it is not intended to and does not present the financial position,
changes in net assets, or cash flows of the Fund.
Title: Federal Loans and Loan Guarantees
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following cost principles 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 Fund has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform
Guidance for the year ended September 30, 2024.
Outstanding loans receivable related to federal loan programs are as follows as of September 30, 2024: