Notes to SEFA
Accounting Policies: The schedule of expenditures of federal awards includes the federal grant activity of Central Valley Low Income Housing Corporation (CVLIHC) under programs of the federal government for the year ended June 30, 2022. The federal award expenditures are reported in the statement of activities and statement of functional expenses. In addition, the information in this schedule is presented in accordance with the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Subpart F Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of CVLIHC, it is not intended to and does not present the financial position, changes in net assets or cash flows of CVLIHC.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.