Notes to SEFA
Title: 6. Loan Programs
Accounting Policies: 1. Basis of Accounting
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Kor Community Land Trust dba RootedHomes and is presented on the accrual basis of accounting.
The information in this schedule is presented in accordance with requirements of The Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
2. Summary of Significant Accounting Policies
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized in accordance with the requirements Title 2 CFR Part 200, Uniform Administrative Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
3. Assistance Listings
Federal award program titles are reported as presented in SAM.gov Assistance Listings (AL). Federal Award program titles not presented in SAM.gov are identified by Federal Agency number followed by (.xxx).
4. Major and Nonmajor Federal Financial Assistance Programs
Federal financial assistance programs with identical assistance listing (AL) numbers are combined in determining whether the programs are major or nonmajor. Type A federal assistance programs are those with combined expenditures of $750,000 or more during a fiscal year. Type B federal financial assistance programs are those with combined expenditures of less than $750,000 during a fiscal year.
De Minimis Rate Used: N
Rate Explanation: Kor Community Land Trust dba RootedHomes has not used the 10% de minimis indirect cost rate.
Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at December 31, 2023 consists of:
AL Number – 14.218
Program Name – Community Development Entitlement Cluster
Outstanding Balance at December 31, 2023 - $1,119,748