Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity
and is presented on the accrual basis of accounting. 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.
Therefore, some amounts presented in this schedule may differ from amounts presented in, or
used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10-percent de minim us indirect cost rate as allowed
under Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity
and is presented on the accrual basis of accounting. 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.
Therefore, some amounts presented in this schedule may differ from amounts presented in, or
used in the preparation of, the basic financial statements.
Title: Note B - Indirect Cost Allocation
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity
and is presented on the accrual basis of accounting. 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.
Therefore, some amounts presented in this schedule may differ from amounts presented in, or
used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10-percent de minim us indirect cost rate as allowed
under Uniform Guidance.
The Corporation has not elected to use the 10-percent de minim us indirect cost rate as allowed
under Uniform Guidance.
Title: Note C - Loans Outstanding
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity
and is presented on the accrual basis of accounting. 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.
Therefore, some amounts presented in this schedule may differ from amounts presented in, or
used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10-percent de minim us indirect cost rate as allowed
under Uniform Guidance.
The Corporation had the following loan balance outstanding as of December 31, 2024.