Notes to SEFA
Title: Expense Recognition
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of FSVC 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 FSVC, it is not intended to and does not present the financial position, changes in net assets, or cash flows of FSVC.
De Minimis Rate Used: N
Rate Explanation: FSVC has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
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.
Title: Federal Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of FSVC 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 FSVC, it is not intended to and does not present the financial position, changes in net assets, or cash flows of FSVC.
De Minimis Rate Used: N
Rate Explanation: FSVC has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
There are no federal loan programs administered directly by FSVC as of the year ended December 31, 2024.