Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Organization and is presented on the cash basis of accounting. The information on this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
The Organization had an outstanding loan balance of $584,815 as of January 1, 2024 under the Community Facilities Loans and Grants program. This loan contains continuing compliance requirements. Therefore, the outstanding loan balance as of January 1, 2024 is included in the schedule of expenditures of federal awards.
The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.