Notes to SEFA
Title: Loans
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes federal award
activity of The San Francisco Particular Council of the Society of St. Vincent de Paul (the Society) under
programs of the federal government for the year ended June 30, 2024. The information in this Schedule
is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the
Society, it is not intended to and does not present the entire financial position, changes in net assets or
cash flows of the Society. 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 Society has elected to not use the 10% de minimis indirect cost rate. The Society applies indirect costs
in accordance with specific terms of its award agreements.
These federal expenditures consist exclusively of two loans from a previous year for which the grantor imposes continuing compliance requirements.