The accompanying consolidated schedule of expenditures of federal awards (SEFA) includes the federal grant activity of the Organization and is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance, UG), therefore, some amounts presented in the SEFA may differ from amounts presented in, or used in the preparation of, the basic financial statements. The Organization obtains negotiated indirect cost rates for its federal grants and did not elect to use the 10% de minimis indirect cost rate.
Government grants, operations, for the year ended April 30, 2026 $ 667,674 Add: Beginning balance of loans as of May 1, 2025 1,914,757 New loans received during the year ended April 30, 2026 1,154,378 Total expenditures of federal awards $ 3,736,809
The Organization had the following loan balances (notes payable to federal agencies) outstanding at April 30, 2026. Loans made (notes receivables) from federal loan funds received during the year ended April 30, 2026, are included in the federal expenditures presented in this schedule. Beginning of year outstanding loan balances that require significant continued compliance monitoring are included in the federal expenditures presented in the Consolidated Schedule of Expenditures of Federal Awards. The proceeds of loans received and expended in prior years are not considered federal awards expended when the laws, regulations, and the provisions of contracts or grant agreements pertaining to such loans impose no continuing compliance requirements other than to repay the loans and are excluded from the Consolidated Schedule of Expenditures of Federal Awards. Federal Assistance Balance at Loan Listing (AL) Beginning Amount Proceeds Federal Program Number of Year Outstanding Received Rural Development, Intermediary Relending Program 10.767 $ 1,290,565 $ 1,469,241 $ 354,378 SBA Microloan Program 59.046 624,192 749,731 300,000 Rural Microentrepreneur Assistance Program 10.870 - 500,000 500,000 Total $ 1,914,757 $ 2,718,972 $ 1,154,378
The grant revenue amounts received and expensed are subject to audit and adjustment. If any expenditures are disallowed by the grantor as a result of such an audit, any claim for reimbursement to the grantor would become a liability of the Organization. In the opinion of management, all grant expenditures are in compliance with the terms of the grant agreements and applicable federal laws and regulations.