Notes to SEFA
Title: Loan Balances
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting.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. Passthroughentity identifying numbers are presented where available. Negative amounts shown on theSchedule represent adjustments or credits made in the normal course of business to amountsreported as expenditures in prior years.Nonmonetary assistance is reported in the schedule at fair value of goods received.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The balance of loans outstanding at June 30, 2022 was $2,327,863, Federal Assistance Listing No. 11.307, Revolving loan fund (RLF CARES). The RLF program is reported at the Federal share (75%) of the RLF capital base at December 31, 2021 (date of release in Federal interest).The balance of loans outstanding at Jun 30, 2022 was $742,941, Federal Assistance Listing No. 10.767, Intermediary Relending Program.
Title: Contingencies
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting.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. Passthroughentity identifying numbers are presented where available. Negative amounts shown on theSchedule represent adjustments or credits made in the normal course of business to amountsreported as expenditures in prior years.Nonmonetary assistance is reported in the schedule at fair value of goods received.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Grant monies received and disbursed by the District are for specific purposes and are subject to review by grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Based upon experience, the District does not believe that such disallowance, if any, would have a material effect on the financial position of the District.
Title: Subrecipients
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting.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. Passthroughentity identifying numbers are presented where available. Negative amounts shown on theSchedule represent adjustments or credits made in the normal course of business to amountsreported as expenditures in prior years.Nonmonetary assistance is reported in the schedule at fair value of goods received.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The District did provide federal funds to subrecipients for the fiscal year June 30, 2022 as noted in the accompanying Schedule of Expenditures of Federal Awards