Title: 1. Basis of Presentation
Accounting Policies: Expenditures reported on the SEFA 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.
De Minimis Rate Used: N
Rate Explanation: The Organization records its expenditures of federal awards using a direct cost methodology, and therefore does not record indirect costs for its federal award programs. In this manner, the Organization has elected not to use the 10% de minimis indirect cost rate, as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (SEFA) includes the
federal award activity of the Organization under the programs of the federal government
for the year ended June 30, 2023. The information in the SEFA 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 (Uniform Guidance). Because the SEFA presents only a selected
portion of the operations of the Organization, it is not intended to, and does not, present
the financial position, changes in net assets, or cash flows of the Organization.
Title: 2. Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the SEFA 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.
De Minimis Rate Used: N
Rate Explanation: The Organization records its expenditures of federal awards using a direct cost methodology, and therefore does not record indirect costs for its federal award programs. In this manner, the Organization has elected not to use the 10% de minimis indirect cost rate, as allowed under the Uniform Guidance.
Expenditures reported on the SEFA 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.
Title: 3. Indirect Cost Rate
Accounting Policies: Expenditures reported on the SEFA 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.
De Minimis Rate Used: N
Rate Explanation: The Organization records its expenditures of federal awards using a direct cost methodology, and therefore does not record indirect costs for its federal award programs. In this manner, the Organization has elected not to use the 10% de minimis indirect cost rate, as allowed under the Uniform Guidance.
The Organization records its expenditures of federal awards using a direct cost
methodology, and therefore does not record indirect costs for its federal award programs.
In this manner, the Organization has elected not to use the 10% de minimis indirect cost
rate, as allowed under the Uniform Guidance.
Title: 4. Loan Assistance Programs
Accounting Policies: Expenditures reported on the SEFA 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.
De Minimis Rate Used: N
Rate Explanation: The Organization records its expenditures of federal awards using a direct cost methodology, and therefore does not record indirect costs for its federal award programs. In this manner, the Organization has elected not to use the 10% de minimis indirect cost rate, as allowed under the Uniform Guidance.
The Organization receives loan assistance from the Fairfax County Redevelopment
Authority through Department of Housing and Urban Development (HUD) programs.
Under certain programs, funds are loaned to the Organization for affordable housing
acquisition assistance. Total funds received under this loan assistance program were
$438,644 for the year ended June 30, 2023, and are included within amounts shown in the
accompanying SEFA as Community Development Block Grants and Home Investment
Partnerships Program.
As of June 30, 2023, the Organization had outstanding loan obligations as shown in the
table below.
Assistance
Listing
Number
Community Development Block Grants – Entitlement Grants Cluster
Mount Vernon Village – Consolidated Community Funding Pool 14.218 $ 5,371,113
Community Housing Development Organization 14.218 1,138,900
Total Community Development Block Grants – Entitlement Grants Cluster 6,510,013
Home Investment Partnership Program
Community Housing Development Organization 14.239 3,467,072
Total loan obligations $ 9,977,085
Amount
Outstanding
Program Title
The above amounts include the cumulative, outstanding loan proceeds as shown on the
SEFA as of June 30, 2023. These amounts may be forgiven if certain conditions are met
based on the Organization’s continued compliance with specified grant requirements, and
are included as forgivable loans in the accompanying statements of financial position.