Notes to SEFA
Title: 3) Program Income
Accounting Policies: This schedule is prepared on the same basis of accounting as the City's financial statements. The City of Vancouver uses the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City of Vancouver does not use the 10% de minimis cost rate as covered in 2 CFR §200.414 Indirect (F&A) costs.
The City of Vancouver has a revolving loan program for low-income housing. Under this federal program, repayments to the City are considered program revenue (income) and loans of such funds to eligible recipients are considered federal expenditures. Program Income is reported on the SEFA in the year the expenditures occur based on grantor guidance.
Title: 4) Program Costs
Accounting Policies: This schedule is prepared on the same basis of accounting as the City's financial statements. The City of Vancouver uses the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City of Vancouver does not use the 10% de minimis cost rate as covered in 2 CFR §200.414 Indirect (F&A) costs.
The amounts shown as current year expenditures represent only general award portions of the program costs. Entire program costs, including the City of Vancouver's portion may be more than shown.