Notes to SEFA
Title: Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of New Jersey Infrastructure Bank (I-Bank) 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 2 CFR 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 IBank, it is not intended to and does not present the financial position, changesin net position, or cash flows of I-Bank.
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The I-Bank has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The I-Bank administers loans to subrecipients under the Water Infrastructure Finance and Innovation Loan program. The outstanding loan balances as of June 30, 2024 were as follows: Water Infrastructure Finance and Innovation Loan (66.958) - $221,323,600