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 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
The accompanying schedule of expenditures of federal awards (the Schedule) includes the
federal award activity of Panhandle Area Council, Inc. 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 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 Panhandle Area Council, Inc., it is not intended to and does not present the
financial position, changes in net assets, or cash flows of Panhandle Area Council, Inc.
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 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
(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting.
Such expenditures are recognized following the cost principles contained in 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.
(3) Panhandle Area Council, Inc. has elected not to use the 10 percent De Minimis indirect
cost rate as allowed under the Uniform Guidance.
Title: NOTE C – Balance of Loan Programs at Year End
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 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
Federal Assistance
Listing Number Program Name
Outstanding Balance as of
September 30, 2024
10.767 Intermediary Relending Program 746,315
Title: NOTE D – Subrecipients
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 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
Panhandle Area Council, Inc. did not pass any federal awards through to subrecipients.