Notes to SEFA
Title: BASIS FOR PRESENTATION
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (the “schedule”) are
reported on the accrual basis of accounting. Such expenditures are recognized following the
cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards,
wherein certain types of expenditures are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Anne Carlsen Center has not elected to use the 10-percent de minimis cost rate as allowed under the Uniform Guidance.
This accompanying schedule includes the federal award activity of Anne Carlsen Center under
programs of the federal government for the year then 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 Anne Carlsen Center, it is not intended to
and does not present the financial position, change in net assets, or cash flows of Anne Carlsen
Center.
Title: LOAN PROGRAM
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (the “schedule”) are
reported on the accrual basis of accounting. Such expenditures are recognized following the
cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards,
wherein certain types of expenditures are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Anne Carlsen Center has not elected to use the 10-percent de minimis cost rate as allowed under the Uniform Guidance.
Expenditures reported in this Schedule consist of the following items as noted below. (SEE NOTES TO SEFA FOR TABLE). The outstanding loan balance as of December 31, 2024 was $40,279,820.