Notes to SEFA
The Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of the Authority and is presented on the accrual basis of accounting for the year ended September 30, 2025. The information in the 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 portion of the operations of the Authority, it is not intended to and does not present the Authority’s net position, changes in net position or cash flows.
Expenditures 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. The amount of federal expenditures is computed as defined in the Uniform Guidance. The Uniform Guidance defines current year expenditures as the Authority’s gross principal outstanding on loans at the end of the fiscal year, plus cash and investment balances in the RLF at the end of the fiscal year, plus the amount expended on eligible administrative costs during the fiscal year, plus the unpaid principal of all loans written off during the fiscal year. The total value of the federal awards expended is multiplied by the federal share of the grant award. No federal awards were provided to subrecipients. Total expenditures at September 30, 2025 were calculated as follows:
The Authority has elected not to use the 15 percent de minimis indirect cost rate as allowed under the Uniform Guidance.