Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule" ) includes the federal award activity of Demarest Farms 2, Inc. 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 Demarest Farms 2, Inc. , it is not intended to and does not present the financial position, changes in net assets, or cash flows of Demarest Farms 2, Inc.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the Cost Principles for Non-Profit Organizations or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Demarest Farms 2, Inc. did not elect to use the ten percent de-minimum cost rate.
Demarest Farms 2, Inc. had the following loan balance outstanding at December 31, 2024. Loans made during the year are also included in the Schedule of Expenditures of Federal Awards.