Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The financial statements of PTI are prepared on the accrual basis of accounting. Revenue is recorded as the funds are considered earned. Expenses are recognized when incurred. Revenue for rental income and thrift shop sales are recorded as goods or services are provided. Cost-reimbursement grant revenue is recorded when the costs are incurred. Unconditional grants and contributions are recorded as support when the funds are awarded. Deferred revenue is recognized when cash is received prior to the revenue being earned. Grants and accounts receivable are recorded when revenue is earned prior to cash being received. PTI expects all grants and accounts receivable to be fully collected; therefore, an allowance for doubtful accounts has not been recorded.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 1900000. HOUSING TRUST FUND (14.275) - Balances outstanding at the end of the audit period were 1032012. DISASTER ASSISTANCE LOANS (59.008) - Balances outstanding at the end of the audit period were 150000. COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS PROGRAM (21.020) - Balances outstanding at the end of the audit period were 67500.