Notes to SEFA
Title: Note 5 Loan Balances at June 30, 2022:
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the Schedule of Expenditures of Federal Awards represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Valley Opportunity Council, Inc. has not elected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
Department of Housing and Urban Development:City of Chicopee Office of Community Development:61-65 Maple Street, Chicopee, Massachusetts - $ 100,00035 Mt. Carmel Avenue, Chicopee, Massachusetts - 60,000226 East Main Street, Chicopee, Massachusetts - 76,32561-65 Maple Street, Chicopee, Massachusetts - 114,216912-916 Chicopee Street, Chicopee, Massachusetts - 76,441226 East Main Street, Chicopee, Massachusetts - 125,50061-65 Maple Street, Chicopee, Massachusetts - 195,380Total Federal Loans Outstanding - $ 747,862