Notes to SEFA
Title: Loan / Loan Guarantee
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
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The outstanding balance of loan and loan guarantee programs at December 31, 2023 with continuing compliance requirements which are reported as federal expenditures on the accompanying schedule of expenditures of Federal awards was $873,714.