Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: 1.Basis of presentationThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the expenditures of East Akron Neighborhood Development Corporation and Subsidiaries (an Ohio non-profit public benefit corporation) under programs of the federal government for the year ended December 31, 2022. The information in the Schedule is presented in accordance with the requirements of Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of the basic consolidated financial statements. For purposes of the Schedule, federal awards include all sub awards to EANDC by nonfederal organizations pursuant to federal grants, contracts and similar agreements.2.Summary of significant accounting policiesExpenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Assistance Listing numbers ("AL No.") are provided when available.
De Minimis Rate Used: N
Rate Explanation: EANDC elected not to use the 10% de minimis indirect cost rate.
Outstanding federal loansThe following represents the amount of outstanding loans identified by AL No. All loans are provided by HUD and are included in the Schedule. 14.218 Community Development Block Grants; Loans received in 2022 $0; Prior year loans with continuing compliance requirements $280,000; Total outstanding loans $280,000. 14.239 HOME Investment Partnerships Program; Loans received in 2022 $0; Prior year loans with continuing compliance requirements $3,712,500; Total outstanding loans $3,700,000