Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: This summary of significant accounting policies of P.V. Community Development Corporation is presented to assist in understanding P.V. Community Development Corporation's Schedule of Expenditures of Federal Awards. The Schedule and notes are representations of P.V. Community Development Corporations management, who is responsible for their integrity and objectivity. Basis of Accounting and Presentation The Schedule of Expenditures of Federal Awards is prepared using the accrual basis of accounting. The information in this schedule is presented in accordance with the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Subrecipients- There were no subrecipients.
De Minimis Rate Used: Y
Rate Explanation: PVCDC Consolidated has elected to use of the de minimis rate of 10% of modified total direct cost as an indirect cost allocation factor, as allowed under 2C.F.R. ?200.414.
HOME INVESTMENT PARTNERSHIPS PROGRAM-PIEDRAS (14.239) - Balances outstanding at the end of the audit period were $816,539. HOME INVESTMENT PARTNERSHIPS PROGRAM- SANTIAGO (14.239) - Balances outstanding at the end of the audit period were $2,932,688.