Notes to SEFA
Title: Note A – Basis of Presentation:
Accounting Policies: 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 and/or OMB Circular A-122, Cost Principles for Non-
Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10-percent de minimis indirect
cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the
schedule) includes the federal award activity of the Authority under programs of the federal government
for the year ended September 30, 2024. The information in this Schedule is presented in accordance with
the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 Authority, it is not intended
to and does not represent the financial position, changes in net assets, or cash flows of the Authority.
Title: Note B – Summary of Significant Accounting Policies:
Accounting Policies: 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 and/or OMB Circular A-122, Cost Principles for Non-
Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10-percent de minimis indirect
cost rate as 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 and/or OMB Circular A-122, Cost Principles for Non-
Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
Title: Note C – Indirect Cost Rate:
Accounting Policies: 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 and/or OMB Circular A-122, Cost Principles for Non-
Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10-percent de minimis indirect
cost rate as allowed under the Uniform Guidance.
The Authority has elected not to use the 10-percent de minimis indirect
cost rate as allowed under the Uniform Guidance.
Title: Note D – Loans Outstanding:
Accounting Policies: 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 and/or OMB Circular A-122, Cost Principles for Non-
Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10-percent de minimis indirect
cost rate as allowed under the Uniform Guidance.
As discussed in the Debt note above, the Authority has a note payable to
USDA, Rural Development. The loan balance at September 30, 2024, is $ 238,255 .