Notes to SEFA
Title: Revolving Loan Expenditures
Accounting Policies: Expenditures reported in the SEFSA are reported on the modified acrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Mid-East Commission has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Gudance.
The revolving loan expenditures reported on the Schedule of Expenditure of Federal and State Awards includes outstandings loan balances, administrative expenses, and cash and investments available for loans as of the end of the audit period. The SEFSA has been updated to report revolving loan expenditures as follows:
See the Notes to the SEFA for chart/table