Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activityof the Authority and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 US Code of Federl Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of the basic financial statements. The Authority has not elected to use the ten percent de minimus indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: All administrative and general costs were directly charged to programs.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activityof the Authority and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 US Code of Federl Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of the basic financial statements. The Authority has not elected to use the ten percent de minimus indirect cost rate.
Title: Note 2 - Federal Loans
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activityof the Authority and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 US Code of Federl Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of the basic financial statements. The Authority has not elected to use the ten percent de minimus indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: All administrative and general costs were directly charged to programs.
At March 31, 2023 the Authority had the following loan balances outstanding. The beginning loan balances totaling $1,463,830 are included in the federal expenditures. See the Notes to the SEFA for chart/table.