Notes to SEFA
Title: FEDERAL LOAN PROGRAM
Accounting Policies: The accompanying Schedule has been prepared on the accrual basis of accounting. The information in the Schedule is presented in accordance with the 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in or used in the preparation of the financial statements.
De Minimis Rate Used: Y
Rate Explanation: In the absence of a federally approved indirect cost rate, the Corporation has elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
The federal loan program listed on the Schedule is administered directly by the Corporation and balances and transactions relating to the programs are included in the Corporation's basic financial statements. The loan outstanding at June 30, 2022 amounting to $7,557,862 is included in the federal expenditures presented in the Schedule.