Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the BOI under programs of the federal government for the year ended December 31, 2024. 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 BOI, it is not intended to and does not present the financial position, changes in net assets, or cash flows of BOI. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. BOI has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The amount presented for the Microloan Program Loans represents loan balances outstanding at January 1, 2024 of $1,041,186 for which the government imposes continuing compliance requirements. The total liability to the Small Business Administration as of December 31, 2024 was $847,453. The balance of outstanding SBA microloans receivable at December 31, 2024 was $643,930.
BOI did not have any subrecipient activity for the period of January 1, 2024 through December 31, 2024.