Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Basis of PresentationThe Schedule of Expenditures of Federal Awards has been prepared on the modified accrual basis ofaccounting. Federal grant revenues are recorded for financial reporting purposes when theCommission has met the qualifications for the respective grants. Several programs are funded jointlyby state or local appropriations and federal funds. Costs incurred in programs partially funded byfederal grants are applied against grant funds to the extent of revenue available when they properlyapply to the grant, except as described below.Accrued and Deferred ReimbursementVarious reimbursement procedures are used for federal awards received by the Commission.Consequently, timing differences between expenditures and program reimbursements can exist at thebeginning and end of the year. Accrued balances at year-end represent an excess of expenditures overcash reimbursements received to date. Deferred balances at year-end represent an excess of cashreimbursements received over expenditures to date. Generally, accrued or deferred balances caused bydifferences in the timing of cash reimbursements and expenditures will be reversed in the remaininggrant period.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
ECONOMIC ADJUSTMENT ASSISTANCE (11.307) - Balances outstanding at the end of the audit period were 4626129.