Notes to SEFA
Title: 4. LOANS OUTSTANDING AND LOAN GUARANTEES
Accounting Policies: 1. BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of CCCS under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of CCCS, it is not intended, and does not present, the financial position, change in net assets, or cash flows of CCCS. The Schedule has been prepared on the accrual basis of accounting which is the method of accounting used for the financial statements. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: CCCS has elected to use the 10% “de minimis” indirect cost rate allowed under Uniform Guidance. The effective rate applied during fiscal year 2024 is 10%.
CCCS received a loan guarantee from the United States Department from Agriculture under Assistance Listing Number 10.766, Community Facilities Loans and Grants (Community Programs). The ending balance of loans outstanding at June 30, 2024, with continuing compliance requirements is $5,397,717.