Title: Note 1 Basis of Presentation
Accounting Policies: Note 2 Summary of Significant Accounting Policies
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Assistance Listing Numbers (ALN) are provided when available.
De Minimis Rate Used: N
Rate Explanation: The Organization elected not to use the 10% de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the expenditures of Homewise, Inc. and affiliates under programs of the federal government for the year ended March 31, 2023. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in the Schedule may differ from amounts presented in or used in the preparation of the consolidated financial statements. Because the Schedule presents only a selected portion of the operations of Homewise, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Homewise, Inc.
Title: Note 2 Summary of Significant Accounting Policies
Accounting Policies: Note 2 Summary of Significant Accounting Policies
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Assistance Listing Numbers (ALN) are provided when available.
De Minimis Rate Used: N
Rate Explanation: The Organization elected not to use the 10% de minimis indirect cost rate.
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Assistance Listing Numbers (ALN) are provided when available. The Organization elected not to use the 10% de minimis indirect cost rate.
Title: Note 3 Loans and Loan Guarantees
Accounting Policies: Note 2 Summary of Significant Accounting Policies
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Assistance Listing Numbers (ALN) are provided when available.
De Minimis Rate Used: N
Rate Explanation: The Organization elected not to use the 10% de minimis indirect cost rate.
In accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements of Federal Awards, Homewise discloses loans and loans guarantees. The reported amount includes new loans made during the year, plus prior year loans for which the federal government imposes continuing compliance requirements. Accordingly, the total expenditures per the Schedule of Expenditures of Federal Awards is adjusted as follows: Total expenditures per the Schedule of Expenditures of Federal Awards $ 5,065,267
Loans and loan guarantees:
Capital Magnet Fund (ALN #21.011) 5,337,218
CDFI Financial Assistance (ALN #21.020) 1,338,787
CDFI Rapid Response Program (ALN #21.024) 1,762,640
CDFI Bond Guarantee Program (ALN #21.014) 13,597,031
Adjusted total expenditures per Schedule of Expenditures of Federal Awards $ 27,100,943
Title: Note 4 CDFI Capital Magnet Fund
Accounting Policies: Note 2 Summary of Significant Accounting Policies
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Assistance Listing Numbers (ALN) are provided when available.
De Minimis Rate Used: N
Rate Explanation: The Organization elected not to use the 10% de minimis indirect cost rate.
Loans outstanding at the beginning of the year and expenditures made during the year are included in the federal expenditures presented in the schedule. The balance of loans outstanding
at March 31, 2023 consists of:
Beginning balance, March 31, 2022 $ 4,124,759
Add loans deployed 1,586,308
Less principal payments (373,849)
Ending balance, March 31, 2023 $ 5,337,218
Title: Note 5 CDFI Financial Assistance
Accounting Policies: Note 2 Summary of Significant Accounting Policies
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Assistance Listing Numbers (ALN) are provided when available.
De Minimis Rate Used: N
Rate Explanation: The Organization elected not to use the 10% de minimis indirect cost rate.
Loans outstanding at the beginning of the year and expenditures made during the year are included in the federal expenditures presented in the schedule. The balance of loans outstanding at March 31, 2023 consists of:
Beginning balance, March 31, 2022 $ 690,000
Add loans deployed 660,000
Less principal payments (11,213)
Ending balance, March 31, 2023 $ 1,338,787
Title: Note 6 CDFI Rapid Response Program
Accounting Policies: Note 2 Summary of Significant Accounting Policies
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Assistance Listing Numbers (ALN) are provided when available.
De Minimis Rate Used: N
Rate Explanation: The Organization elected not to use the 10% de minimis indirect cost rate.
Loans outstanding at the beginning of the year and expenditures made during the year are included in the federal expenditures presented in the schedule. The balance of loans outstanding
at March 31, 2023 consists of:
Beginning balance, March 31, 2022 $ 1,826,265
Less principal payments (69,268)
Ending balance, March 31, 2023 $ 1,756,997
Title: Note 7 CDFI Bond Guarantee Program
Accounting Policies: Note 2 Summary of Significant Accounting Policies
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Assistance Listing Numbers (ALN) are provided when available.
De Minimis Rate Used: N
Rate Explanation: The Organization elected not to use the 10% de minimis indirect cost rate.
Bonds outstanding at the beginning of the year and bond funding drawn during the year are included in the federal expenditures presented in the schedule. The balance of bonds outstanding
at March 31, 2023 consists of:
Beginning balance, March 31, 2022 $ 13,981,972
Less principal payments (384,941)
Ending balance, March 31, 2023 $ 13,597,031