Notes to SEFA
Title: SUB-RECIPIENTS
Accounting Policies: The schedule of expenditures of federal awards is a summary of the Alliance’s federal award programs presented on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America. Because the schedule presents only a selected portion of the operations of the Alliance, the schedule is not intended to and does not present the financial position, changes in net assets, or cash flows of the Alliance.
De Minimis Rate Used: N
Rate Explanation: N/A
Of the expenditures presented in the schedule of expenditures of federal awards, the Alliance did not provide any awards to sub-recipients.
Title: OUTSTANDING FEDERAL LOANS
Accounting Policies: The schedule of expenditures of federal awards is a summary of the Alliance’s federal award programs presented on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America. Because the schedule presents only a selected portion of the operations of the Alliance, the schedule is not intended to and does not present the financial position, changes in net assets, or cash flows of the Alliance.
De Minimis Rate Used: N
Rate Explanation: N/A
As of June 30, 2023, the Alliance has outstanding federal loan obligations of $577,000 under the Community Development Block Grant/HOME Investment Partnerships Program and $1,000,000 under the National Housing Trust Fund Program. These amounts on the schedule of expenditures of federal awards include cumulative, outstanding loan proceeds as of June 30, 2023. Both loans are forgivable based on the Alliance’s continued compliance with specified grant requirements.