Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: 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 allowable or are limited as to reimbursement.Pass-through identifying numbers are presented when available.The Organization is not eligible to use the 10% de minimis indirect costs rate as allowed under the Uniform Guidance and therefore, has elected not to use it.
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 404309.
Title: Matching Requirements
Accounting Policies: 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 allowable or are limited as to reimbursement.Pass-through identifying numbers are presented when available.The Organization is not eligible to use the 10% de minimis indirect costs rate as allowed under the Uniform Guidance and therefore, has elected not to use it.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Certain federal programs require that the Organization contribute non-federal funds (matching funds) to support the federal-funded programs. The Organization has complied with the matching requirements. The expenditures of non-federal matching funds are not included on the schedule.
Title: Contingencies
Accounting Policies: 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 allowable or are limited as to reimbursement.Pass-through identifying numbers are presented when available.The Organization is not eligible to use the 10% de minimis indirect costs rate as allowed under the Uniform Guidance and therefore, has elected not to use it.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
In connection with various federal grant programs, the Organization is obligated to administer related programs and spend the funds in accordance with regulatory restrictions, and is subject to audit by grantor agencies and other auditors. In cases of noncompliance, the agencies involved may require the Organization to refund program funds.