Notes to SEFA
Title: NOTE 3 - REVOLVING LOAN PROGRAM
Accounting Policies: This schedule is prepared on the same basis of accounting as the Pierce County Community Development Corporations (CDC) financial statements. The CDC uses the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The CDC has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The CDC has revolving loan programs for low-income housing projects and business development. Under these federal programs, repayments to the CDC are considered program income and loans of such funds to eligible recipients are considered expenditures. A detail of current year activity is included.
Title: NOTE 2 PROGRAM COSTS
Accounting Policies: This schedule is prepared on the same basis of accounting as the Pierce County Community Development Corporations (CDC) financial statements. The CDC uses the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The CDC has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The amounts shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs may be more than shown.