Notes to SEFA
Title: Note 1 - Basis of Presentatio
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following cost principles in the Uniform Guidance, wherein certain types of expenditures are not
allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Note 3 - Indirect Cost Rate
The Organization has elected to use the de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award
activity of the Organization 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 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
Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows
of the Organization.
Title: Note 2 - 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 cost principles in the Uniform Guidance, wherein certain types of expenditures are not
allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Note 3 - Indirect Cost Rate
The Organization has elected to use the de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following cost principles in the Uniform Guidance, wherein certain types of expenditures are not
allowable or are limited as to reimbursement.
Title: Note 3 - Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following cost principles in the Uniform Guidance, wherein certain types of expenditures are not
allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Note 3 - Indirect Cost Rate
The Organization has elected to use the de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization has elected to use the de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note 4 - Loans Outstanding
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following cost principles in the Uniform Guidance, wherein certain types of expenditures are not
allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Note 3 - Indirect Cost Rate
The Organization has elected to use the de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization had the following Federal loan balances outstanding at December 31, 2024.
Assistance
Listing Amount
Program Title Number Outstanding
Rural Micro-entrepreneur Assistance Program 10.870 176,309$
Rural Micro-entrepreneur Assistance Program 10.870 88,219$
Community Development Block Grants 14.218 199,382$
Home Investment Partnerships Program 14.239 1,538,162$
Home Investment Partnerships Program 14.239 600,000$
Home Investment Partnerships Program 14.239 550,000$
Self Help Homeownership Opportunity Program 14.247 75,000$
Community Development Block Grants -
Section 108 Loan Guarantees 14.248 162,000$
Coronavirus Relief Fund 21.019 73,611$
Disaster Assistance Loans 59.008 500,000$