Notes to SEFA
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant and loan activity of the Project under programs of the federal government for the year ended March 31, 2025. The information in the 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 the Project, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Project. 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, as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The project has elected to not use the de minimis cost rate.
The Project did not provide any federal awards to subrecipients during the year ended March 31, 2025.
Title: Loan Balance
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant and loan activity of the Project under programs of the federal government for the year ended March 31, 2025. The information in the 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 the Project, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Project. 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, as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The project has elected to not use the de minimis cost rate.
The federal loan program is administered directly by the Project, and balances and transactions relating to this
program are included in the Project’s basic financial statements. Loans outstanding at the beginning of the year are
included in the federal expenditures presented in the Schedule. The balance of loans outstanding at March 31,
2025 was $4,437,906.