Notes to SEFA
There were no outstanding federal loan balances and loan guarantees at the end of the year.
The amounts shown as current year expenditures represent only the federal award portion of the program costs. Entire program costs, including the Division’s local matching share, may be more than shown. 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.
The amounts reported in the accompanying Schedule of Expenditures of Federal Awards are prepared on the basis explained in Note 1, and do not necessarily agree with amounts reported using regulations and guidelines of individual grants.