Notes to SEFA
Title: LOAN PROGRAMS
Accounting Policies: This Schedule is prepared on the same basis of accounting as the Division’s financial statements. The Division
uses the accrual basis of accounting. Expenditures represent only the federal funded portions of the program.
Division records should be consulted to determine amounts expended or matched form non-federal sources.
De Minimis Rate Used: N
Rate Explanation: The Division did not use the de minimis cost rate.
There were no outstanding federal loan balances and loan guarantees at the end of the year.
Title: PROGRAM COSTS/MATCHING CONTRIBUTIONS
Accounting Policies: This Schedule is prepared on the same basis of accounting as the Division’s financial statements. The Division
uses the accrual basis of accounting. Expenditures represent only the federal funded portions of the program.
Division records should be consulted to determine amounts expended or matched form non-federal sources.
De Minimis Rate Used: N
Rate Explanation: The Division did not use the de minimis cost rate.
The amounts shown as current year expenditures represent only the federal award portion of the program costs.
Entire program costs, including the Division’s local matching share, may be more than shown. Such
expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations
Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
Accounting Policies: This Schedule is prepared on the same basis of accounting as the Division’s financial statements. The Division
uses the accrual basis of accounting. Expenditures represent only the federal funded portions of the program.
Division records should be consulted to determine amounts expended or matched form non-federal sources.
De Minimis Rate Used: N
Rate Explanation: The Division did not use the de minimis cost rate.
The amounts reported in the accompanying Schedule of Expenditures of Federal Awards are prepared on the
basis explained in Note 1, and do not necessarily agree with amounts reported using regulations and guidelines
of individual grants.