Notes to SEFA
Title: BASIS OF ACCOUNTING
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the same accrual basis of accounting as the financial statements. Expenditures represent only the federally funded portions of the program. District records should be consulted to determine amounts expended or matched from non-federal sources.
De Minimis Rate Used: N
Rate Explanation: The negotiated provisional indirect cost rate of 23.12% was used.
The Schedule of Expenditures of Federal Awards is prepared on the same accrual basis of accounting as the financial statements. Expenditures represent only the federally funded portions of the program. District records should be consulted to determine amounts expended or matched from non-federal sources.
Title: VALUATION OF FEDERAL REVOLVING LOAN FUNDS AND CARES RLF
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the same accrual basis of accounting as the financial statements. Expenditures represent only the federally funded portions of the program. District records should be consulted to determine amounts expended or matched from non-federal sources.
De Minimis Rate Used: N
Rate Explanation: The negotiated provisional indirect cost rate of 23.12% was used.
11.307 - Value of new loans made during audit period $50,000. Administrative expenses for the year ended $4,803. EDA's Share Percentage 100%. Total revolving loan funds $54,803.
Title: IDENTIFIES A MAJOR PROGRAM
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the same accrual basis of accounting as the financial statements. Expenditures represent only the federally funded portions of the program. District records should be consulted to determine amounts expended or matched from non-federal sources.
De Minimis Rate Used: N
Rate Explanation: The negotiated provisional indirect cost rate of 23.12% was used.
21.027 tested as a major program
Title: INDIRECT COST RATE
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the same accrual basis of accounting as the financial statements. Expenditures represent only the federally funded portions of the program. District records should be consulted to determine amounts expended or matched from non-federal sources.
De Minimis Rate Used: N
Rate Explanation: The negotiated provisional indirect cost rate of 23.12% was used.
The District has not elected to use the 10% de minimus indirect cost rate