Notes to SEFA
Title: HOME INVESTMENT PARTNERSHIP PROGRAMS LOAN (HOME)
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Kulshan Community Land Trust has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
Kulshan Community Land Trust entered into a HOME loan in April 2012 with the City of Bellingham. As of December 31, 2024 the loan balance totaled $326,483. Due to continuing compliance requirements, these loans are reported on the schedule of expenditures of federal awards. Additionally, Kulshan Community Land Trust entered into a HOME loan in November 2020 with the City of Bellingham. As of December 31, 2024 the loan balance totaled $312,000. Due to continuing compliance requirements, these loans are reported on the schedule of expenditures of federal awards.
Title: SELF-HELP HOMEOWNERSHIP OPPORTUNITY PROGRAM LOANS (SHOP)
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Kulshan Community Land Trust has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
Kulshan Community Land Trust entered into various SHOP loans acting as a pass-through for homeowners beginning in June 2015 with Community Frameworks. As of December 31, 2024 the total balance of all outstanding loans was $600,000. Due to continuing compliance requirements, these loans are reported on the schedule of expenditures of federal awards.