Notes to SEFA
Title: SUBRECIPIENTS
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 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 allowable or are limited as to reimbursement. The Agency has not
elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use de minimis cost rate.
Of the federal expenditures presented in the Schedule, the Agency provided none of the federal awards to subrecipients.
Title: BASIS OF PRESENTATION
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 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 allowable or are limited as to reimbursement. The Agency has not
elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the
federal award activity of Cocoon House (the Agency), under programs of the federal
government for the year ended June 30, 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. Because the Schedule presents only a selected portion of the operations of the
Agency, it is not intended to and does not present the financial position, changes in net
assets, or cash flows of the Agency.
Title: LOANS WITH 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 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 allowable or are limited as to reimbursement. The Agency has not
elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use de minimis cost rate.
Loans with continuing compliance requirements presented on the Schedule were passed
through from the U.S. Department of Housing and Urban Development. Loans are forgivable
on the maturity dates as long as Cocoon House remains in compliance with certain program
regulations through maturity. Loans outstanding at the beginning of the year and loans made
during the year are included in the federal expenditures presented in the Schedule. The
balance of loans outstanding at June 30, 2023 consisted of:
Outstanding
Purpose ALN Maturity Date Balance
Complex 14.218 June 2035 $ 258,334
Colby Youth Center 14.218 May 2037 63,269
Colby Youth Center 14.218 January 2038 60,000
Colby Youth Center 14.218 August 2039 131,539
Total Community Development
Block Grant Program 513,142
Colby Avenue Youth Center 14.239 June 2059 400,000
Colby Avenue Youth Center 14.239 June 2059 925,000
Total Home Investment
Partnership Program 1,325,000
Grand Total $ 1,838,142