Notes to SEFA
Title: LOAN PROGRAMS
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditure in prior years.
De Minimis Rate Used: N
Rate Explanation: CommunityWorks North Dakota has not elected to use the 10% de minimis cost rate as allowed under Uniform Guidance.
The Organization had the following amounts outstanding at September 30, 2022 under federal loan or loan guarantee programs:Intermediary Relending Program (10.767) BEG BAL = $628,191 END BAL = $ 597,126
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditure in prior years.
De Minimis Rate Used: N
Rate Explanation: CommunityWorks North Dakota has not elected to use the 10% de minimis cost rate as allowed under Uniform Guidance.
The Schedule includes the federal award activity of CommunityWorks North Dakota under programs of the federal government for the year ended September 30, 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 Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of CommunityWorks North Dakota, it is not intended to and does not present the financial position, change in net assets, functional expenses, or cash flows of CommunityWorks North Dakota.