Notes to SEFA
Title: Federal Loan Program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Agency has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Agency has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Federal Loan Program listed below is administered by the City of Somerville through the Home Investment Partnership Program, and balances and transactions relating to this program are included in the Agency's basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loan outstanding consists of the following as of June 30, 2024: Federal Assisting Listing Number – 14.239; Program Name – Home Investment Partnership Program; Outstanding Balance - $200,000.