What is a sefa grant?
What is the SEFA? Simply put, the SEFA is a supplemental schedule to an organization’s financial statements recapping expenditures of federal awards during the organization’s fiscal year by federal agency and program. A more detailed definition is provided in the Uniform Guidance, CFR Section 200.510.
What gets reported on the sefa?
SEFA captures the federal funds expended by an agency. The expenditures for each of the federal financial assistance programs are presented in SEFA on the accounting basis as presented on the fund financial statements. For agencies with governmental funds, expenditures are presented on the modified accrual basis.
What kind of business does sefa fund?
sefa provides loans directly to small and medium-sized enterprises (SMEs), and cooperatives operating in all sectors of the economy.
Is sefa accrual or cash?
Accrual basis
Accrual basis: The expenditure is reported in the 2021 SEFA, because the activity, a receipt of goods in this situation, occurred during fiscal year 2021 and the invoice was received before the end of the period.
Who prepares Sefa?
Auditee
Auditee Practice Aids Therefore, the auditee’s responsibility for preparing an accurate and complete SEFA is critical. determined in accordance with §200.502 of the Uniform Guidance, “Basis for Determining Federal Awards Expended.”
What is a Sefa cluster?
SEFA is a schedule that will show the financial statement user the expenditures by federal fund for the fiscal year and is used to determine if a single audit is required.
What is Sefa audit?
The Schedule of Expenditures of Federal Awards (SEFA) is a financial statement schedule prepared by management that lists an organization’s expenditures of federal assistance for the fiscal year by federal agency, grant number and amount.
How does Seda help small businesses?
Seda supports the growth of small business….These branches offer:
- information, advice and referrals.
- tender information and advice.
- import and export training.
- trade information.
- business assessments and business mentoring.
- technical support.
- market access.
- business linkages.
Does sefa fund franchise?
The Small Enterprise Finance Agency or sefa provides financial assistance to eligible SMME’s that intend investing in the business including franchising. Sefa is a development funder and not the same as a bank.
Can Sefa be on cash basis?
The expenditures can be reported on the cash or accrual basis but must be consistently reported on the same accounting basis.
Who is required to have a single audit?
Currently, as a result of the Uniform Guidance, all non-federal government agencies and nonprofit organizations that expend $750,000 or more in federal awards in a given fiscal year are required to obtain a Single Audit.
What is a federal single audit?
Single Audit, previously known as the OMB Circular A-133 audit, is an organization-wide financial statement and federal awards’ audit of a non-federal entity that expends $750,000 or more in federal funds in one year.
What are the different types of loans offered by SEFA?
Sefa offers finance to small companies and co-operatives of South Africa in order to help them grow and thus contribute to the country’s economy. There are various loans at this organization, such as bridge loan, asset finance, term loans, among others. You need to check what the requirements are for each specific loan.
What does Sefa stand for?
Schedule of Expenditures of Federal Awards (SEFA) Under Uniform Guidance (2 CFR 200), a non-Federal entity that expends $750,000 or more in Federal awards during the non-Federal entity’s fiscal year must have a single audit conducted.
How long does a SEFA loan last?
This loan can be repaid in a term period that ranges from 12 to 60 months. If your company is having a hard time finding the finance it needs to grow and expand, take into consideration a Sefa loan and boost your business.
How is the amount of federal expenditures determined in Sefa?
In addition to determining the amount of federal expenditures, the Uniform Guidance also has specific requirements as to how these amounts are to be reported in the SEFA. Under Uniform Guidance, the organization is required to list individual federal programs by federal agency, including grouping a cluster of programs together.