Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying consolidated schedule of expenditures of federal awards includes the federal grant activity of ReBuild Metro, Inc. and Subsidiaries and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S Code of the Federal Regulation Part 200, Uniform Guidance Administrative Requirements Cost Principles, and Audit Requirements for Federal and Non-Federal Awards(Uniform Guidance). Therefore, some amounts presented in this schedule may differ from the amounts presented in, or used in the presentation of, the basic consolidated financial statements. Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
COMMUNITY DEVELOPMENT BLOCK GRANTS/ENTITLEMENT GRANTS (14.218) - Balances outstanding at the end of the audit period were $2,000,000. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were $1,247,223