Notes to SEFA
Notes to the Schedule of Expenditures of Federal Awards The schedule of expenditures of federal awards is presented in accordance wit requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore some amounts presented in this schedule may differ from amounts presented in the financial statement. Loan Guarantees The Authority had three loans that were issued and guaranteed by the U.S. Department of Agriculture. The ending balances of each of the loans at December 31, 2025 were $59,597, $272,867, and $35,991. The Organization uses the de minimis rate of 15% to recover allowable indirect costs.