Notes to SEFA
Title: Loan Balances Subject to Continuing Compliance 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 ae not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
As of June 30, 2023, the Section 202 program had loan balances subject to continuing compliance requirements of $2,426,500. Uniform Guidance (2 CFR 200.502) requires this amount be included in the “basis for determining Federal awards expended” on the current year schedule of expenditures of federal awards as the Federal government is at risk for the loans until the debt is repaid. The beginning balance of the loans subject to continuing compliance requirements was also $2,426,500 at July 1, 2022.
Title: Loan Balances Subject to Continuing Compliance 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 ae not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
As of June 30, 2023, the HOME program had loan balances subject to continuing compliance requirements of $1,288,630. Uniform Guidance (2 CFR 200.502) requires this amount be included in the “basis for determining Federal awards expended” on the current year schedule of expenditures of federal awards as the Federal government is at risk for the loans until the debt is repaid. The beginning balance of the loans subject to continuing compliance requirements was $1,288,630 at July 1, 2022.