Notes to SEFA
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 limited as to reimbursement.
The Schedule includes loan loss reserves and loans issued during the fiscal year. NYCEEC records loan loss reserves on the Schedule when they are deposited for the use of the borrower.
NYCEEC is only responsible for the performance of certain administrative duties with respect to the Energy Efficiency and Conservation Block Grant Program (Assistance Listing Number 81.128) and is not responsible for any ongoing compliance requirements. Therefore, the transactions of loans outstanding related to this program are only the amounts loaned during the year ended June 30, 2024.
De Minimis Rate Used: N
Rate Explanation: NYCEEC has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.