Notes to SEFA
Title: Outstanding Federal Loans
Accounting Policies: Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awardactivity of the Ely Shoshone Tribe under programs of the federal government for the year ended December31, 2022. 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 AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portionof the operations of the Ely Shoshone Tribe, it is not intended to and does not present the financial position,changes in net position, or cash flows of the Ely Shoshone Tribe.Basis of AccountingExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The federal loan balances outstanding at December 31, 2022, are $186,678 and $610,730.