Notes to SEFA
Title: Note 4 - Loan Program Income
Accounting Policies: This schedule is prepared on the same basis of accounting as the County's financial statements. The County uses the modified accrual basis of accounting for Governmental Funds and full accrual for Proprietary Funds.
De Minimis Rate Used: Y
Rate Explanation: The County has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The County has an affordable housing program for low-income housing. Under this federal program, repayments to the County are considered program income. A total of $9,044 was received in loan repayments.
Title: Note 7 - Program Costs
Accounting Policies: This schedule is prepared on the same basis of accounting as the County's financial statements. The County uses the modified accrual basis of accounting for Governmental Funds and full accrual for Proprietary Funds.
De Minimis Rate Used: Y
Rate Explanation: The County has elected 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 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 Title2, Cost Principles for State, Local and Indian Tribal Governments, or the cost principles containedin Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, where certain types of expenditures are not allowed or are limited as to reimbursement.