Notes to SEFA
Title: LOAN PROGRAM
Accounting Policies: The schedule of expenditures of federal awards, passenger facility charge, and state financial assistance is presented on the accrual basis of accounting in accordance with generally accepted accounting principles. Such expenditures are recognized following the cost principles contained in 2 CFR 200 Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The City has a loan program for low income housing renovations funded through the Community Development Block Grants and a loan program for home reconstruction funded through the HOME Investment Partnerships Program Grants. Under these programs, repayments to the City are considered program revenues (income) and loans of such funds to eligible recipients are considered expenditures. The amount of loan funds disbursed to program participants for the year was $0.00 and $0.00, respectively, and is presented in this schedule. The amount of principal and interest received in loan repayments for the year was $76,076 and $83,865 respectively. The balance of the loans outstanding as of fiscal year end consist of: Community Development Block Grants CFDA number 14.218 $880,045 HOME Investment Partnerships Program Grants CFDA number 114.239 $632,799