Notes to SEFA
Title: Note A: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Non-monetary assistance, when applicable, is reported in the schedule at the
estimated fair market value of property received and used.
De Minimis Rate Used: N
Rate Explanation: BrightRidge has not elected to use the 10% de minimis indirect cost allocation option.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant and loan activity of BrightRidge under programs of the federal
government for the fiscal year ended June 30, 2023. The information in the 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 (Uniform Guidance). Since the
schedule presents only a selected portion of the operations of BrightRidge, it is not intended to, and does not present, the financial position, changes in net
position, or cash flows of BrightRidge.
Title: Note D: Federal Loans Programs
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Non-monetary assistance, when applicable, is reported in the schedule at the
estimated fair market value of property received and used.
De Minimis Rate Used: N
Rate Explanation: BrightRidge has not elected to use the 10% de minimis indirect cost allocation option.
The federal loan programs listed subsequently are administered directly by BrightRidge, and balances and transactions relating to these programs are included
in BrightRidge basic financial statements. Loans outstanding at the beginning of the year, loans made during the year, and other required components are
included in the federal expenditures presented in the schedule. See the Notes to the SEFA for chart/table.