Notes to SEFA
Title: Note2- Program Costs
Accounting Policies: Note 1- This schedule is prepared on the same basis of accounting as the Pierce County Community Development Corporation's (CDC) financial statements. The CDC uses the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Note 4- The CDC has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The amounts shown as current year expenditures represent only the federal award portion of the program costs, including the Corporation's portion, are more than shown. Such expenditures are recognized following 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.
Title: Note 3- Revolving Loan Program
Accounting Policies: Note 1- This schedule is prepared on the same basis of accounting as the Pierce County Community Development Corporation's (CDC) financial statements. The CDC uses the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Note 4- The CDC has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The CDC has revolving loan programs for low-income hosuing projects and business development. Under these federal programs, repayments to the CDC are considered program income and loans of such funds to eligible recipients are considered expenditures. A detail of current year activity is as follows:
"See the Notes to the SEFA for tab"