Notes to SEFA
The information in the 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). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization. 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.
The following loan balances outstanding at September 30, 2024 were included in Federal Expenditures for purposes of the Schedule of Expenditures of Federal Awards:
The Single Audit report has been reissued on March 10, 2026, to reflect an update to the Schedule of Expenditures of Federal Awards (SEFA). Specifically, the SEFA was revised to break out additional funding that was passed through the City of Philadelphia Department of Commerce from the City’s general fund, a portion of which was previously reported under the Micro-Loan program (ALN 14.218). City awards are now broken out separately on the SEFA. Additionally, the pass-through grantor identifying number for certain funds passed through the City of Philadelphia Department of Commerce for the Micro-Loan program were corrected. This update did not otherwise impact the major program that was audited.