Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting, except for the loan balances as discussed below. 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. (2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: ADC has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance when applicable.
The accompanying schedule of accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of African Development Center 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 2 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 African Development Center, it is not intended to and does not present the financial position, changes in net assets, or cash flows of African Development Center.
Title: LOANS AND LOAN GUARANTEES
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting, except for the loan balances as discussed below. 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. (2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: ADC has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance when applicable.
Federal expenditures for the Small Business Administration Microloan program represent $308,118 of loans outstanding from the previous year for which the grantor imposes continuing compliance requirements. The loan balances are as of December 31, 2023, plus the amount of new loans issued during 2024 ($75,000). The loan balances of federal loan programs were funded by Small Business Administration and as of December 31, 2024 are as follows:
Program Title / Loan Balance / Loans Advanced in Current Year:
SBA Microloan Program / 308,118 / $75,000