Notes to SEFA
Title: NOTE 2 - SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal and state awards includes the federal and state grant activity of the Association and is presented on the accrual basis of accounting. 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: During the year ended June 30, 2023, the Association did not elect to use the de minimis cost rate when allocating indirect costs to its federal or state programs.
During the year ended June 30, 2023, the Association did not provide any funds relating to their federal or state programs to subrecipients.
Title: NOTE 4 - LOAN AND LOAN GUARANTEE PROGRAMS
Accounting Policies: The accompanying schedule of expenditures of federal and state awards includes the federal and state grant activity of the Association and is presented on the accrual basis of accounting. 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: During the year ended June 30, 2023, the Association did not elect to use the de minimis cost rate when allocating indirect costs to its federal or state programs.
As of June 30, 2023, $440,000 was outstanding on the federal loan program. As of June 30, 2023, $3,667,528 was outstanding on the state loan program.