Notes to SEFA
The accompanying schedule presents the expenditures incurred (and related awards received) by Sigma Beta Xi, Inc., (the Organization) that are reimbursable under federal programs of federal agencies providing financial assistance. For the purpose of this schedule, only the portions of program expenditures reimbursable with such federal funds are reports in the accompanying schedule. Program expenditures in excess of the maximum federal reimbursement authorized or the portion of the program expenditures that were funded with local or other nonfederal funds are excluded from the accompanying schedule.
The accompanying schedule expenditures of federal awards includes the federal grant activity of Sigma Beta Xi, Inc., and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of , the basic financial statements.
The Organization participates in a federal loan program administered by the Department of US Treasury. In accordance with the requirements of the Uniform Guidance, federal loan programs are presented on the Schedule of Expenditures of Federal Awards (SEFA) based on the outstanding balance of the loan at the end of the fiscal year, rather than the amount of the federal expenditures incurred during the year. At December 31, 2023, the outstanding balance of the federal loan was $2,867,539. During the year ended December 31, 2024, the Organization received additional loan draws totaling $1,036,339. As a result, the outstanding loan balance reported on the SEFA at December 31, 2024 was $3,903,878. The federal loan program is subject to continuing compliance requirements and is included in the SEFA in accordance with the provisions of 2 CFR 200.510(b).
The Organization does not have negotiated indirect cose rate with a cognizant federal agency. They have not elected to use the 10% de minimis cost rate. Cost incurred are allocated directly based on the Organization's cost allocation plan.