Notes to SEFA
Title: Loan Program
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. No grant monies expended and reported within the Schedule were passed through to subrecipients.
De Minimis Rate Used: Y
Rate Explanation: The School has elected to use the de minimis indirect cost rate as allowed under the Uniform Guidance.
The outstanding balance on the U.S. Department of Agriculture Community Facility direct loan was $8,396,071 at December 31, 2024.