Notes to SEFA
Title: LOANS OUTSTANDING
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Polk Community Development Corporation under programs of the federal government and other grantors for the year ended June 30, 2023. 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. Because the schedule presents only a selected portion of Polk Community Development Corporation, it is not intended to and does not present the financial position, or changes in net assets or cash flows of Polk Community Development Corporation. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Super Circular, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Polk Community Development Corporation has not elected to use the 10% de minimis indirect cost rate.
Polk Community Development Corporation had the following non-forgivable loans outstanding at June 30, 2023:
Federal CFDA Number; Pass-through entity; Location Outstanding Balance; 6/30/23
14.239; State of Oregon, Housing, and Community Services; El Glen II; $ 1,033,068
14.239; State of Oregon, Housing, and Community Services*; Park West; 338,071;
TOTAL: $ 1,371,139
*The Park West loan payable balance outstanding at June 30, 2023 reflects actual draws on the federal loan balance prior to June 30, 2023. The balance excludes $61,651 in expenses incurred on the project through June 30, 2023 which were not yet drawn against the federal loan balance as of that date. These costs are included in the total federal expenditures in the Schedule.