Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the Federal contracts and grant activity of Metanoia under programs of the federal government. 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 operations of Metanoia, some amounts presented in this Schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements.
Expenditures reported on the Schedule 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.
Metanoia does not utilize an indirect cost rate with respect to its federal programs.
Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at the end of the audit period with continuing compliance requirements included in the Schedule consist of: