Notes to SEFA
Title: Note 3 - Community Development Block Grant
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Organization and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal 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 the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Community Development Block Grant (CDBG) loan balance payable at June 30, 2022 was$0. The CDBG loan is forgiven at a rate of 5% per year. Debt forgiven during the year ended June 30, 2022 totaled $8,250.