Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The schedule of expenditures of federal and state awards includes the federal and state grant activity of South Brunswick Community Development Corporation (Corporation) and is presented on the accrual basis of accounting. 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
RURAL RENTAL HOUSING LOANS (10.415) - Balances outstanding at the end of the audit period were 5844568.
Title: Subrecipients:
Accounting Policies: The schedule of expenditures of federal and state awards includes the federal and state grant activity of South Brunswick Community Development Corporation (Corporation) and is presented on the accrual basis of accounting. 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the year ended December 31, 2022, the Corporation did not provide any funds relating to their federal and state programs to subrecipients.