Notes to SEFA
Title: 1. General
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost priniciples contained in the Uniform Gudiance and OMB A-133, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Entity uses their negotiated rate
The accompanying Schedule of Expenditures of Federal/State Awards (Schedule) presents the activity of all the federal awards of the Lower Rio Grande Valley Development Council (Council). The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). The Council’s reporting entity is defined in Note 1 to the Council’s basic financial statements. All federal awards received directly from Federal agencies and state and federal awards passed through state agencies are included on the Schedule. Because the Schedule presents only a selected portion of the operations of the Council, it is not intended to and does not present the financial position or changes in net position of the Lower Rio Grande Valley Development Council
Title: 2. Basis of Accounting
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost priniciples contained in the Uniform Gudiance and OMB A-133, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Entity uses their negotiated rate
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 and/or OMB A-133, wherein certain types of expenditures are not allowable or are limited to reimbursement. The Council has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: 3. Relationship to Basic Financial Statements
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost priniciples contained in the Uniform Gudiance and OMB A-133, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Entity uses their negotiated rate
Federal and State awards expenditures are reported in the Council’s basic financial statements as follows: Total governmental fund expenditures $32,766,491 Less: Governmental fund non-grant general government expenditures (5,833,561) Grant expenditures funded with Council resources ($251,093) Grant expenditures per Schedule $26,681,837
Title: 4. Relationship to Federal Financial Status Reports
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost priniciples contained in the Uniform Gudiance and OMB A-133, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Entity uses their negotiated rate
Amounts reported on the Schedule may not agree with the amounts reported in the related Federal/State financial status reports filed with grantor agencies, because of the effect of accruals made in the Schedule.
Title: 5. Loan Programs
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost priniciples contained in the Uniform Gudiance and OMB A-133, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Entity uses their negotiated rate
The following are the loan balances that are still under compliance requirements for the Department of Housing & Urban Development – Disaster Recovery Program at the end of December 31, 2024: HAP $0 HOP $0 Rapid $0 Multi-Family Construction $2,532,215 Single-Family Construction $129,967