Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of NACDC Financial Services, Inc. under programs of the federal government for the year ended December, 31, 2024. The information in this schedule is presented in accordance with requirements of the 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 NACDC FS, it is not intended to and does not present the financial position, changes in net assets or cash flows of NACDC FS.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
NACDC FS has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The NACDC FS has two federal loan obligations outstanding as of December, 31, 2024. These obligations are due to the U.S. Department of Agriculture under the Rural Microentrepreneur Assistance Program. The balances as of December, 31, 2024, totaled $213,505.