Notes to SEFA
Title: Note 2: FEDERALLY FUNDED INSURANCE AND FEDERALLY FUNDED LOANS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the Federal grant activity of Centro San Vicente (CSV) under programs of the federal government for the year ended June 30, 2024, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (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.
De Minimis Rate Used: Y
Rate Explanation: 10% indirect cost rate
CSV had no federally funded insurance during the year ended June 30, 2024. CSV has been awarded a total of $2,049,575 in forgivable loans for renovations of their facilities. As of the year ended June 30, 2024, only $987,973 has been expended of the award amount.