Notes to SEFA
Basis of Presentation - The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal activity of the South Alabama Regional Planning Commission under the programs of the federal government for the year ended September 30, 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 operations of the Commission, it is not intended to and does not present the financial position or changes in net position of the South Alabama Regional Planning Commission. Basis of Accounting - The Schedule of Expenditures of Federal Awards is presented based on the modified accrual basis of accounting. Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). "Measurable" means the amount of the transaction can be determined and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Indirect Cost Rate - The Commission has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The value of loans outstanding under this federal program at September 30, 2025 was $98,321. Calculation of the revolving loan fund federal expenditures is as follows: