Notes to SEFA
The basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program. The information is presented in accordance with the requirements of Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, preparation of the financial statements.
Allocation of Costs: Costs have been allocated to programs based on a reasonable estimate of time spent on operating and loan administration. Loan administration expenses were allocated to the revolving loan funds based on the number of loans being serviced and the amount of work associated with the type of loan.
Matching costs, such as, the Corporations’ share of certain program costs, are not included in the reported expenditures.
No insurance is carried specifically to cover equipment purchased with federal funds. Any equipment purchased with federal funds has only a nominal value and is covered by the Corporations’ casualty insurance policies. No non-cash assistance was received during the year. No loan guarantees were outstanding at year end. For the applicable programs, the Schedule of Expenditures of Federal Awards includes the value of new loans made during the fiscal year, from both new loans received and the balance of loans received in previous years for which continuing compliance requirements are imposed. The value of loans outstanding at September 30, 2025 consists of: