Notes to SEFA
Title: Note 3 – Loan Guarantees with Ongoing Compliance Requirements
Accounting Policies: 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 allowed or are limited as to reimbursement. The Organization has not elected to use the de minimis indirect cost rate allowed under the Uniform Guidance as the Schedule only includes loan guarantees, which are not subject to indirect costs recoveries.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Organization has two loan guarantees from the United States Agency for International Development
(USAID) with continuing compliance requirements. The agreements have compliance periods through
September 2029 and June 2035 unless the guarantee is terminated at an earlier date by USAID or the
Organization.