Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The schedule of expenditures of federal awards is a summary of the Alliances federal award programs presented on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America. Because the schedule presents only a selected portion of the operations of the Alliance, the schedule is not intended to and does not present the financial position, changes in net assets, or cash flows of the Alliance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
As of June 30, 2022, the Alliance has outstanding federal loan obligations of $577,000 under the Community Development Block Grant/HOME Investment Partnerships Program and $1,000,000 under the National Housing Trust Fund Program. These amounts on the schedule of expenditures of federal awards include cumulative, outstanding loan proceeds as of June 30, 2022. Both loans are forgivable based on the Alliances continued compliance with specified grant requirements.