Notes to SEFA
Title: Subrecipients
Accounting Policies: 1. Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Valley Community Development Corporation and Subsidiaries (VCDC) 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 VCDC, it is not intended to and does not present the financial position, changes in net assets or cash flows of VCDC. 2.Summary of Significant 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
There were no pass-through federal awards to subrecipients by VCDC during fiscal year 2024.
Title: Loan Assistance
Accounting Policies: 1. Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Valley Community Development Corporation and Subsidiaries (VCDC) 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 VCDC, it is not intended to and does not present the financial position, changes in net assets or cash flows of VCDC. 2.Summary of Significant 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Valley received loans under the HOME loan programs and CDBG loan programs in prior years, which include continuing compliance requirements. The amounts reported on the Schedule reflect the outstanding principal and interest as of July 1, 2023. There were no changes to the outstanding balances during fiscal year 2023. As of June 30, 2024, the balances of the loans and advances outstanding are as follows: CDBG - $350,000, HOME - $2,207,308.