Title: General
Accounting Policies: The accompanying schedule is presented using the basis of accounting prescribed by the respective
granting agencies. Differences between the granting-agencies' basis of accounting and the modifiedaccrual
basis of accounting used by the LACDA in preparing its governmental fund financial statements
are as follows:
• Amounts disbursed in exchange for notes receivable are treated as expenditures under the grantingagencies'
basis of accounting.
• Notes receivable collections are treated as grant income under the granting-agencies' basis of
accounting.
• Principal payments of long-term debt are treated as a reduction of the long-term debt and are not
considered to be expenditures under the granting-agencies' basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The LACDA has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.
The accompanying schedule presents only the expenditures incurred by the Los Angeles County
Development Authority (the "LACDA"), a discretely presented component unit of the County of Los
Angeles, California, that are reimbursable under federal programs of federal assistance. For the
purposes of this schedule, federal awards include both federal financial assistance received directly
from a federal agency, as well as federal funds received indirectly by the LACDA from a , non-federal
agency or other organization. Only the portion of program expenditures reimbursable with such federal
funds is reported in the accompanying schedule. Program expenditures in excess of the maximum
federal reimbursement authorized or the portion of the program expenditures that were funded with
state, local, or other non-federal funds are excluded from the accompanying schedule.
Title: Basis of Accounting
Accounting Policies: The accompanying schedule is presented using the basis of accounting prescribed by the respective
granting agencies. Differences between the granting-agencies' basis of accounting and the modifiedaccrual
basis of accounting used by the LACDA in preparing its governmental fund financial statements
are as follows:
• Amounts disbursed in exchange for notes receivable are treated as expenditures under the grantingagencies'
basis of accounting.
• Notes receivable collections are treated as grant income under the granting-agencies' basis of
accounting.
• Principal payments of long-term debt are treated as a reduction of the long-term debt and are not
considered to be expenditures under the granting-agencies' basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The LACDA has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.
The accompanying schedule is presented using the basis of accounting prescribed by the respective
granting agencies. Differences between the granting-agencies' basis of accounting and the modifiedaccrual
basis of accounting used by the LACDA in preparing its governmental fund financial statements
are as follows:
• Amounts disbursed in exchange for notes receivable are treated as expenditures under the grantingagencies'
basis of accounting.
• Notes receivable collections are treated as grant income under the granting-agencies' basis of
accounting.
• Principal payments of long-term debt are treated as a reduction of the long-term debt and are not
considered to be expenditures under the granting-agencies' basis of accounting.
Title: Relationship to Federal Financial Reports
Accounting Policies: The accompanying schedule is presented using the basis of accounting prescribed by the respective
granting agencies. Differences between the granting-agencies' basis of accounting and the modifiedaccrual
basis of accounting used by the LACDA in preparing its governmental fund financial statements
are as follows:
• Amounts disbursed in exchange for notes receivable are treated as expenditures under the grantingagencies'
basis of accounting.
• Notes receivable collections are treated as grant income under the granting-agencies' basis of
accounting.
• Principal payments of long-term debt are treated as a reduction of the long-term debt and are not
considered to be expenditures under the granting-agencies' basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The LACDA has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.
Total expenditure amounts reported in the accompanying schedule of expenditures of federal awards
agree with the total expenditure amounts reported in the related federal financial reports in all material
respects, except for the effect of timing differences described in Note 2.
The LACDA has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.
Title: Relationship to the Basic Financial Statements
Accounting Policies: The accompanying schedule is presented using the basis of accounting prescribed by the respective
granting agencies. Differences between the granting-agencies' basis of accounting and the modifiedaccrual
basis of accounting used by the LACDA in preparing its governmental fund financial statements
are as follows:
• Amounts disbursed in exchange for notes receivable are treated as expenditures under the grantingagencies'
basis of accounting.
• Notes receivable collections are treated as grant income under the granting-agencies' basis of
accounting.
• Principal payments of long-term debt are treated as a reduction of the long-term debt and are not
considered to be expenditures under the granting-agencies' basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The LACDA has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.
Federal award activities are recorded in the LACDA's special revenue funds and enterprise funds in the
basic financial statements.
Title: Federal Loan Programs
Accounting Policies: The accompanying schedule is presented using the basis of accounting prescribed by the respective
granting agencies. Differences between the granting-agencies' basis of accounting and the modifiedaccrual
basis of accounting used by the LACDA in preparing its governmental fund financial statements
are as follows:
• Amounts disbursed in exchange for notes receivable are treated as expenditures under the grantingagencies'
basis of accounting.
• Notes receivable collections are treated as grant income under the granting-agencies' basis of
accounting.
• Principal payments of long-term debt are treated as a reduction of the long-term debt and are not
considered to be expenditures under the granting-agencies' basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The LACDA has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.
The loan programs relating to assistance for low-income, elderly, and handicapped persons and
development projects are administered directly by the LACDA; and balances and transactions relating
to these programs are included in the LACDA's basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the
federal expenditures presented in the accompanying schedule. The balance of loans outstanding at
June 30, 2024, consists of:
Assistance
Listing Number Program Name
Balance at
June 30, 2024
11.307 EDA Loan Program $ 8,919,881
14.218 CDBG Revolving Loan Program 1,273,329
14.218 Other CDBG Loans 175,000
14.248 Section 108 Loan Program 1,750,000
$ 12,118,210
Title: Public Housing Capital Fund
Accounting Policies: The accompanying schedule is presented using the basis of accounting prescribed by the respective
granting agencies. Differences between the granting-agencies' basis of accounting and the modifiedaccrual
basis of accounting used by the LACDA in preparing its governmental fund financial statements
are as follows:
• Amounts disbursed in exchange for notes receivable are treated as expenditures under the grantingagencies'
basis of accounting.
• Notes receivable collections are treated as grant income under the granting-agencies' basis of
accounting.
• Principal payments of long-term debt are treated as a reduction of the long-term debt and are not
considered to be expenditures under the granting-agencies' basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The LACDA has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.
Public Housing Capital Fund (Assistance Listing Number 14.872) expenditures by program identification
were as follows:
Program Identification Number Amount
CA16P002-501-21 $ 33,053
CA16P002-501-22 921,425
CA16P002-501-23 8,047,061
CA16H002-501-20 Hazard 1,241,677
CA16H002-501-22 Hazard 5,263
$ 10,248,479