Notes to SEFA
Title: LOANS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Missouri Valley
Community Action Agency and presents expenditures on the accrual basis of accounting, except for subsidy programs, which follows REAC PHA - Financial Accounting Brief - Accounting Issues #10, which defines a Federal Expenditure expended for single audit purposes as when dollars are received. The information in this schedule is presented in accordance with the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N
The accompanying schedule of expenditures of federal awards includes the outstanding balance at 09/01/2022 of CHDO forgivable loans
because the Federal Government imposes continuing compliance requirements.