Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Center has elected not to use the ten-percent de minimis indirect cost rate allowed under theUniform Guidance.
DISASTER ASSISTANCE LOANS (59.008) - Balances outstanding at the end of the audit period were 149900.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Center has elected not to use the ten-percent de minimis indirect cost rate allowed under theUniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federalaward activity of the Center under programs of the federal government for the year ended May 31,2022. 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 AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selectedportion of the operations of the Center, it is not intended to and does not present the financial position,changes in net assets, or cash flows of the Center.
Title: Sub-Recipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Center has elected not to use the ten-percent de minimis indirect cost rate allowed under theUniform Guidance.
During the year ended May 31, 2022, the Center had no sub-recipients.
Title: Noncash Assistance and Other
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Center has elected not to use the ten-percent de minimis indirect cost rate allowed under theUniform Guidance.
The Center did not receive any noncash assistance and federally funded insurance during the yearended May 31, 2022. The Center received federal loan (Disaster Assistance Loan) as listed in theaccompanying schedule of expenditures of federal awards