Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the Schedule of Expenses are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Heron Cove has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were $7,550,000.
Title: Non-cash assistance
Accounting Policies: Expenditures reported on the Schedule of Expenses are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Heron Cove has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The amount of non-cash assistance in effect during the year ended December 31, 2022 was $7,550,000.