Notes to SEFA
Accounting Policies: This note is included to meet the requirements of 2 CFR Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance)
requirement that the schedule of expenditures of federal awards (the Schedule) include notes that
describe the significant accounting policies used in preparing the Schedule. The accompanying
Schedule is prepared on the accrual basis of accounting and includes the federal award activity of the
Organization under programs of the federal government for the year ended December 31, 2024. The
information in this Schedule is presented in accordance with the requirements of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10-percent de minimis indirect cost rate as allowed under
the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of the
Organization, it is not intended to and does not present the financial position, changes in net assets, or
cash flows of the Organization. Expenditures reported on the Schedule consist of the beginning of the
year outstanding loan balances of the Organization’s USDA direct loans and USDA guaranteed loan.
There were no advances on any of the loans in 2024. The Organization’s outstanding loan balances as
of December 31, 2024 was $31,441,642.