Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of SDA 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 (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of SDA, it is not intended to and does not present the financial position, changes in net assets, or cash flows of SDA. Federal awards received directly from federal agencies (if any), as well as the federal portion of grants passed through non-federal agencies, are included in the Schedule.
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.
SDA has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
SDA received no federal non-cash awards, loans, or loan guarantees during the current year. Also, SDA did not have non-cash federally funded insurance during the current year.