Notes to SEFA
Title: Federal Loans
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Expenditures are recognized following the cost principles contained in the OMB Circular A-87 and Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10 percent de minimus indirect cost rate as allowed under Uniform Guidance.
At June 30, 2023, the Authority had the following loan balanes outstanding for CFDA 10.415 and 10.405. The loan balances are also included in the federal expenditures: $249,810 for Palmer Creek, $136,970 for Riverside Terrace, and $2,479,619 for Vittoria Square and in Farm Labor Housing Loans in the amount of $163,299 for Fresa Park.