Notes to SEFA
Title: Note 1: Basis of Presentation
Accounting Policies: Note 2: Expenditures on the Schedule are reported on the accrual basis of accounting and 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.
De Minimis Rate Used: N
Rate Explanation: N/A - USDA loan program. Monies were spent as received.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Organization. The information in the Schedule is presented in accordance with requirements of the 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 the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: Note 2: Summary of significant accounting policies
Accounting Policies: Note 2: Expenditures on the Schedule are reported on the accrual basis of accounting and 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.
De Minimis Rate Used: N
Rate Explanation: N/A - USDA loan program. Monies were spent as received.
Expenditures on the Schedule are reported on the accrual basis of accounting and 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: Note 3: Loan balance
Accounting Policies: Note 2: Expenditures on the Schedule are reported on the accrual basis of accounting and 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.
De Minimis Rate Used: N
Rate Explanation: N/A - USDA loan program. Monies were spent as received.
The Organization had outstanding loans with USDA as of December 31, 2024, with a balance of $4,826,886. The loan balance at the beginning of the year was included in the federal expenditures presented on the Schedule. There were no new loans received during the year ended December 31, 2024.
Title: Note 4: Indirect cost rate
Accounting Policies: Note 2: Expenditures on the Schedule are reported on the accrual basis of accounting and 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.
De Minimis Rate Used: N
Rate Explanation: N/A - USDA loan program. Monies were spent as received.
The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note 5: Subrecipients
Accounting Policies: Note 2: Expenditures on the Schedule are reported on the accrual basis of accounting and 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.
De Minimis Rate Used: N
Rate Explanation: N/A - USDA loan program. Monies were spent as received.
The Organization does not have any subrecipients of federal awards.