Notes to SEFA
The City of Vancouver was approved by the U.S. Department of Housing and Urban Development to receive a Section 108 loan totaling $4,199,000 for the Commons Community Center Project. The amount listed for this loan includes the beginning of the period loan balance plus proceeds used during the year. The balance owing at the end of the period is $4,199,000.. Both the current and prior year loans are reported on the City’s Schedule of Changes in Long-Term Liabilities.
The City of Vancouver has a revolving loan program for low-income housing. Under this federal program, repayments to the City are considered program revenues (income) and loans of such funds to eligible recipients are considered federal expenditures. Program Income is reported on the SEFA in the year the expenditures occur based on grantor guidance.
The amounts shown as current year expenditures represent only the federal award portions of the program costs. Entire program costs, including the City of Vancouver’s portion may be more than shown. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.