Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are presented on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. No sub-recipients were used.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
The Microloan Program is administered directly by the Organization, and balances and transactions relating to these loans are included in the Organization's basic financial statements. The balances of loans outstanding at September 30, 2022 consist of the following, all under the Microloans Program (AL#50.046). Grant #6130135001 - $89,283 outstanding balance at 9/30/22; Grant #6834935003 - $350,199 outstanding balance at 9/30/22; Grant #9566385000 - $775,857 outstanding balance at 9/30/22; Grant #3784737002 - $969,904 outstanding balance at 9/30/22; Grant #5314708201 - $1,193,925 outstanding balance at 9/30/22.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are presented on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. No sub-recipients were used.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of the Organization under programs of the federal government for the year ended September 30, 2022. The information in this schedule 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 (Uniform Guidance). Because the schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.