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 Project’s summary of significant accounting policies is presented in Note 1 in the Project’s basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Project does not draw for indirect administrative expenses and has not elected to use the 10% de minimis cost rate.
The balances and transactions related to the Home Investment Partnership Program, Federal Financial Assistance Listing #14.239, are included in the Project’s basic financial statements. The total balance of the loan outstanding at September 30, 2024 is $119,042.