Notes to SEFA
Title: LOAN PROGRAMS
Accounting Policies: BASIS OF PRESENTATION: The accompanying Schedule of Expenditures of Federal Award (schedule) includes the federal grant activity of Maryland Capital Enterprises, Inc. and is presented on the accrual basis of accounting. The schedule reflects expenditures and outstanding loans for all individual federal programs which were active during the fiscal year. The information on this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR), Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented on this schedule may differ from amounts presented in, or used in, the preparation of the financial statements.
BASIS OF ACCOUNTING: Expenditures reported on the Schedule of expenditures of Federal Awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S., Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate
Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at the end of the audit period with continuing compliance requirements included in the schedule consist of:
Title: Relationship of SEFA to Financial Statements
Accounting Policies: BASIS OF PRESENTATION: The accompanying Schedule of Expenditures of Federal Award (schedule) includes the federal grant activity of Maryland Capital Enterprises, Inc. and is presented on the accrual basis of accounting. The schedule reflects expenditures and outstanding loans for all individual federal programs which were active during the fiscal year. The information on this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR), Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented on this schedule may differ from amounts presented in, or used in, the preparation of the financial statements.
BASIS OF ACCOUNTING: Expenditures reported on the Schedule of expenditures of Federal Awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S., Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate
The accompanying Schedule of Expenditures of Federal Awards presents the acitivy of all federal financial assistance prgrams of the Organization. The schedule includes federal expenditure loans received from gederal agencies which are to be re-loaned to various enterprises. These loans are allowable expenditures under the various programs but treated as assets in the financial statements. Therefore the schedule does not present the financial position or results of the changes in net assets of Maryland Captial Enterprises, Inc.