Notes to SEFA
Title: Note 3—Loan program outstanding balance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes grant activity of FOF and is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: FOF did not elect to utilize the 10% de minimis indirect cost rate.
For purposes of federal awards, FOF has a loan outstanding from the U.S. Department of Energy totaling $36,089,000 as of June 30, 2024. The grantor appropriated the funding to FOF to be used in perpetuity; accordingly, a loan is not recorded as a liability on the statement of financial position.