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. Noncash Assistance
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 neither received nor disbursed federal awards in the form of federal noncash assistance for the year ended June 30, 2023.
Title: 5. Federal Loans
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.
In prior years, the Organization received certain loan assistance grants directly from the U.S. Department of Housing and Urban Development, and passed through from the Fairfax County Redevelopment and Housing Authority. As required by the Uniform Guidance, the outstanding balance of these loans at the end of the year is included in the SEFA, as there are continuing compliance requirements. There were no new loan assistance grants received by the Organization in fiscal year 2023. The balance of all loans outstanding at June 30, 2023 was $1,182,003.
Title: 6. Matching Requirements
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.
Certain Federal programs require the Organization to contribute non-Federal funds (matching funds) to support the Federally-funded programs. The Organization has met its matching requirements. The SEFA does not include the expenditure of non-Federal matching funds.
Title: 7. Reconciliation to Financial Statements
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.
Reconciliation between federal expenditures per the SEFA, and federal and state grants revenue per the accompanying statement of activities for the year ended June 30, 2023, is as follows:
Federal expenditures per the schedule of
expenditures of federal awards $ 1,996,659
Add: non-federal grants 281,489
Federal and state grants per
statement of activities $ 2,278,148