Notes to SEFA
Title: Note A – Basis of Presentation
Accounting Policies: Note B – 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 Project has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grants activity of this Project and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of The Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
Title: Note C – U.S. Department of Housing and Urban Development Advance Capital Program
Accounting Policies: Note B – 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 Project has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Project has received a U.S. Department of Housing and Urban Development Capital Advance financing under the provisions of Title F24 of the Code of Federal Regulations, Part 92 of the United States Department of Housing and Urban Development Regulations concerning the HOME Investment Partnerships Program. The grant balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Project received additional capital advances during the year. The balance of the grants and loan outstanding on December 31, 2023 consists of: CFDA Number 14.239, Home Investment Partnership program Outstanding Balance $5,612,006; 14.218 Community Development Block Loan Outstanding Balance $92,798; Community Development Block Grant Outstanding Balance $39,300
Title: Note D – U.S. Small Business Administration Disaster Assistance Loan
Accounting Policies: Note B – 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 Project has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
On March 18, 2022, INDESOVI received an Economic Injury Disaster loan in the amount of $2,000,000 from SBA. This loan is payable in monthly installments of $8,975 including interest at 2.5%. Payments were scheduled to begin after twenty-four months of the loan proceeds disbursement. Secure by INDESOVI assets and due March 2052.On March 18, 2022, . CFDA Number Program 59.008 , Disaster Assistance Program, with an Outstanding balance of $2,000,000