Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in Title 2 U.S. Code of FederalRegulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards, wherein certain types of expenditures are not allowable or are limitedas to reimbursement. The 10% standard indirect cost rate was not elected as it does not apply to any ofthe federal grant programs in which the Organization currently participates.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The 10% standard indirect cost rate was not elected as it does not apply to any of the federal grant programs in which the Organization currently participates.
COMMUNITY DEVELOPMENT BLOCK GRANTS/STATE'S PROGRAM AND NON-ENTITLEMENT GRANTS IN HAWAII (14.228) - Balances outstanding at the end of the audit period were 1177506.
Title: Commitments by Federal Government
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in Title 2 U.S. Code of FederalRegulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards, wherein certain types of expenditures are not allowable or are limitedas to reimbursement. The 10% standard indirect cost rate was not elected as it does not apply to any ofthe federal grant programs in which the Organization currently participates.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The 10% standard indirect cost rate was not elected as it does not apply to any of the federal grant programs in which the Organization currently participates.
All block grants described in the schedule are connected with the initial Neighborhood Stabilization Plan (NSP; level 1) funding. BASCA received funds used to purchase selected residential properties. These grants were in the form on loans that will be forgiven once the compliance requirements have expired. BASCA has a continuing obligation to meet compliance requirements associated with these grants untilthe deferred revenue is earned in 2025, 2026 and 2027 for 2010, 2011, and 2012 grants respectively. Total deferred revenue under the loans is $1,177,506.