Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedules of expenditures of federal awards include the federal grant activity of Philabundance and are 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. Therefore, some amounts presented in this schedule may differ from certain financial reports submitted to federal, state or city agencies due to those reports being submitted on either a cash or modified accrual basis of accounting. Because the accompanying schedules present only a selected portion of the operations of Philabundance, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Philabundance. Philabundance has not passed through any federal funding to any subrecipient. Federal awards expenditures are reported on the Consolidated Statement of Functional Expenses as program services. In certain programs, the expenditures reported in the basic financial statements may differ from the expenditures reported in the Schedule of Expenditures of Federal Awards due to program expenditures exceeding grant or contract budget limitations which are not included as federal awards.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
CHOICE NEIGHBORHOODS PLANNING GRANTS (14.892) - Balances outstanding at the end of the audit period were 1500000. COMMUNITY DEVELOPMENT BLOCK GRANTS/ENTITLEMENT GRANTS (14.218) - Balances outstanding at the end of the audit period were 2500000.The draw down under the Community Development Block Grants/Entitlement Grants was $338,701.