Notes to SEFA
Title: RELATIONSHIP TO FINANCIAL STATEMENTS
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the de minimis indirect cost rate of up to 15% per Title 2 U.S. Code of Federal Regulations Part 200.
The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200.516. Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in, the preparation of the financial statements.
Title: CAPITAL ADVANCE BALANCE
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Entity has not elected to use the de minimis indirect cost rate of up to 15% per Title 2 U.S. Code of Federal Regulations Part 200.
Federal expenditures for Program 14.157 includes the $1,969,300 capital advance balance at the beginning of the audit period and the project rental assistance of $102,244. The capital advance balance at December 31, 2024 was also $1,969,300.