What is a Sefa in accounting?
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.
What is a Sefa form?
The SEFA is a supplemental schedule to the financial statements that an organization is required to produce when it is subject to the single audit requirement. The single audit requirement is triggered when the federal expenditures reported on the SEFA exceed $750,000 or more over the organization’s fiscal year.
Who is subject to 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.
How does Sefa funding work?
sefa provides loans directly to small and medium-sized enterprises (SMEs), and cooperatives operating in all sectors of the economy. The facilities range from a minimum of R50 000 to a maximum of R15-million.
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 is Sefa reporting?
The SEFA is a key reporting package component required by Uniform Guidance. It provides a picture of all federal awards for which an organization expended funds during its fiscal year. Auditors also use the SEFA to determine which programs listed are “major programs” or require testing in the compliance audit.
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 charge interest?
Yes, but the enterprise must be registered and be operated in South Africa. How much interest does sefa charge? sefa prices for risk BUT give discounts for developmental impact. If the property in question will be used solely for business operations, then yes sefa can offer assistance.
What happens in a single audit?
A Single Audit encompasses an examination of a recipient’s financial records, financial statements, federal award transactions and expenditures, the general management of its operations, internal control systems, and federal assistance it received during the audit period (the time period of recipient operations …
Is Seda under government?
The Small Enterprise Development Agency (Seda) is an agency of the Department of Small Business Development. Seda was established in December 2004, through the National Small Business Amendment Act, Act 29 of 2004.
Can cash basis be used for Sefa reporting?
Cash basis is not permitted for SEFA reporting. Although inclusion of a hard copy SEFA is not required as a part of the AFR submission package, the following data must be provided within the SEFA web application in order to comply with Uniform Guidance requirements. Identify all federal assistance received by the federal grantor agency.
How is Sefa presented in Sefa?
SEFA – Required Data 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 is Sefa required data?
SEFA – Required Data. 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.
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.