Notes to SEFA
Title: Basis of Presentation
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 allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. There were no negative expenditures during the year ended December 31, 2024. There were no subrecipients during the year ended December 31, 2024
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected the 10% de minimis cost reimbursement rate for indirect costs.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Seattle Economic Development Fund dba Business Impact Northwest under programs of the federal government for the year ended December 31, 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 Business Impact Northwest, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of Business Impact Northwest.
Title: Loans Receivable
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 allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. There were no negative expenditures during the year ended December 31, 2024. There were no subrecipients during the year ended December 31, 2024
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected the 10% de minimis cost reimbursement rate for indirect costs.
Activity for loans receivable under federal award programs are as follows for the year ended December 31, 2024:
Title: Notes Payable Under Federal Award Programs
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 allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. There were no negative expenditures during the year ended December 31, 2024. There were no subrecipients during the year ended December 31, 2024
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected the 10% de minimis cost reimbursement rate for indirect costs.
Notes payable under federal award programs are as follows at December 31, 2024: