Notes to SEFA
Title: Note 3 - Revolving Loan – Program Income
Accounting Policies: Note 1 - The Schedule is prepared on the same basis of accounting as the county’s financial statements. The county uses the accrual basis.
De Minimis Rate Used: N
Rate Explanation: Note 2 - The county has not elected to use the 10% De Minimis indirect cost rate allowed under the Uniform Guidance.
The county has a revolving loan program for low-income housing renovation. Under this federal program, repayments to the county are considered program revenues (income) and loans of such funds to eligible recipients are considered expenditures. The amount of loan funds disbursed to program participants for the year was $82,829 and is presented in this schedule. The amount of principal and interest received in loan repayments for the year was $613,776.
Title: Note 4 - Program Costs
Accounting Policies: Note 1 - The Schedule is prepared on the same basis of accounting as the county’s financial statements. The county uses the accrual basis.
De Minimis Rate Used: N
Rate Explanation: Note 2 - The county has not elected to use the 10% De Minimis indirect cost rate allowed under the Uniform Guidance.
The amounts shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs, including the county’s portion, are more than shown. Such expenditures are recognized following, as applicable, either the cost principles in the OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.