Notes to SEFA
Title: Note 3
Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Corporation elected to not use the 10% de minimis cost rate.
The federal awards totaling $2,811,891 are included in grants - government agencies on the statements of activities.
Title: Note 4
Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Corporation elected to not use the 10% de minimis cost rate.
The balance of the Polk County Housing Trust Fund ARPA loan at December 31, 2023 is $1,611,188.