Notes to SEFA
Title: NOTE E - LOAN PROGRAMS AND LOAN GUARANTEE PROGRAMS
Accounting Policies: NOTE C SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule 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. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Grove City Community Homes, Inc. dba Grove Heights Town Homes has outstanding Section 515 Loans with a balance of $578,166 at December 31, 2022. The Section 515 Loans are guaranteed by the U.S. Department of Agriculture.Grove City Community Homes, Inc. dba Grove Heights Town Homes has an outstanding HOME Investment Partnership Program Loan with a balance of $294,000 at December 31, 2022. The HOME Investment Partnership Program Loan is guaranteed by the U.S. Department of Agriculture.
Title: NOTE F - DONATED FEDERALLY FUNDED PERSONAL PROTECTIVE EQUIPMENT
Accounting Policies: NOTE C SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule 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. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Grove City Community Homes, Inc. dba Grove Heights Town Homes did not receive any donated federally funded personal protective equipment.