Notes to SEFA
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of Pacific Asian Consortium in Employment (PACE) and is presented on the accrual basis of accounting. The SEFA does not include expenditures of PACE’s subsidiary, Pace Finance Corporation, as Pace Finance Corporation has a separate single audit. The information in the SEFA 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). Therefore, some amounts presented in the SEFA may differ from amounts presented in, or used in the preparation of, the consolidated financial statements.
The SEFA is presented using the accrual basis of accounting, which is described in the notes to the consolidated financial statements of PACE as of and for the year ended June 30, 2025. PACE has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. For pass-through funds, PACE is required to use an actual or provisional indirect cost rate as determined by the funder and the 10% de minimis indirect cost rate is not contractually available for use. There were no awards passed through to subrecipients.
PACE has received funds from the U.S. Small Business Administration as part of the Microloan Program (Assistance Listing #59.046). The outstanding balance of the loans was $621,752 at June 30, 2025.