Notes to SEFA
Title: Note 1. Basis of Presentation
Accounting Policies: Summary of Significant Accounting Policies Expenditures reported on the schedule are reported on the accrual basis of accounting and the cost accounting principles contained in the Uniform Guidance. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. Expenditures for loan disbursements are recognized when paid.
De Minimis Rate Used: N
Rate Explanation: The District did not apply indirect costs to this program.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the District 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. Because the schedule presents only a selected portion of the operations of the District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the District.
Title: Note 2. Summary of Significant Accounting Policies
Accounting Policies: Summary of Significant Accounting Policies Expenditures reported on the schedule are reported on the accrual basis of accounting and the cost accounting principles contained in the Uniform Guidance. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. Expenditures for loan disbursements are recognized when paid.
De Minimis Rate Used: N
Rate Explanation: The District did not apply indirect costs to this program.
Expenditures reported on the schedule are reported on the accrual basis of accounting and the cost accounting principles contained in the Uniform Guidance. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. Expenditures for loan disbursements are recognized when paid.
Title: Note 3. Sub-Recipients
Accounting Policies: Summary of Significant Accounting Policies Expenditures reported on the schedule are reported on the accrual basis of accounting and the cost accounting principles contained in the Uniform Guidance. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. Expenditures for loan disbursements are recognized when paid.
De Minimis Rate Used: N
Rate Explanation: The District did not apply indirect costs to this program.
There were no payments to sub-recipients for the fiscal year ended December 31, 2024.
Title: Note 4. Loan Balance
Accounting Policies: Summary of Significant Accounting Policies Expenditures reported on the schedule are reported on the accrual basis of accounting and the cost accounting principles contained in the Uniform Guidance. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. Expenditures for loan disbursements are recognized when paid.
De Minimis Rate Used: N
Rate Explanation: The District did not apply indirect costs to this program.
In accordance with 2 CFR 200.502, the loan balance reported on the schedule of expenditures of federal awards represents the loan balance at the beginning of the year. As of December 31, 2024, the outstanding balance of this loan program was $84,226,170.
Title: Note 5. Indirect Cost Rate
Accounting Policies: Summary of Significant Accounting Policies Expenditures reported on the schedule are reported on the accrual basis of accounting and the cost accounting principles contained in the Uniform Guidance. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. Expenditures for loan disbursements are recognized when paid.
De Minimis Rate Used: N
Rate Explanation: The District did not apply indirect costs to this program.
The District did not apply indirect costs to this program.