Notes to SEFA
Title: NOTE 3 – ECONOMIC INJURY DISASTER LOAN
Accounting Policies: The schedule of expenditures of federal awards (the schedule) presents only the activity of the federal award program of Susquehanna Art Museum (the Organization) for the year ended June 30, 2022. 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. 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 or changes in net assets of the Organization. Expenditures reported on the schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization received an Economic Injury Disaster Loan of $1,375,000 during the year ended June 30, 2022. The
Organization had no other federal loans during 2022. The balance of the loan outstanding at June 30, 2022 is
$1,375,000.