Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported in the Schedule are reported on the same basis of accounting used for each fund as described in footnote 1.C. of the City's basic financial statements. When applicable, such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
COMMUNITY DEVELOPMENT BLOCK GRANTS/ENTITLEMENT GRANTS (14.218) - Balances outstanding at the end of the audit period were 916145. Loans outstanding at June 30, 2022, in federal programs, include the following: Federal Grant program Balance CDBG Loans receivable: Housing rehabilitation loans $35,645, Homebuyer assistance loans $165,000, CDBG Loans - low-income housing projects $715,500. New Loans issued during fiscal year ended June 30, 2022, in federal programs, include the following: Federal Grant Program CDBG Loans: Homebuyer Assistance Loans issued $60,000 CDBG Loans - low-income housing projects $160,000 Total new loans issued during fiscal year ended June 30, 2022, $220,000.