Notes to SEFA
Title: CITY OF PHILADELPHIA REDEVELOPMENT AUTHORITY LOANS (CFDA # 14.235 AND # 14.
Accounting Policies: The accompanying schedule of expenditures of federal and city awards includes all federal and city program awards of Travelers Aid Society of Philadelphia d.b.a. Families Forward Philadelphia (Organization) for the year ended June 30, 2021. The information in this schedule pertaining to federal award expenditures has been prepared to comply with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles, and Audit Requirements for Federal Awards, and the information pertaining to city expenditures has been prepared to comply with the requirements in the City of Philadelphia Subrecipient Audit Guide. Because the data submitted is limited to these requirements, this information is not intended to present the financial position and results of operations of the Organization in accordance with accounting principles generally accepted in the United States of America.This schedule is presented using the accrual basis of accounting. Expenditures of federal awards are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200.320, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal or city agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
In March 2002, proceeds from the issuance of the City of PhiladelphiaRedevelopment Authority loans in the amount of $265,000 (AL # 14.235) and$439,100 (AL # 14.239) were loaned to the Organization for the purchase andrehabilitation of property located at 4520-22 Walnut Street, Philadelphia, PA.Beginning on the 15th anniversary, 20% of the principal will be forgiven annually aslong as the Organization complies with loan terms. The loans are collateralized bythe property located at 4520-22 Walnut Street, Philadelphia, PA. There is no interestassessed on the loans. The schedule of expenditures of federal and city awardsincludes the value of the balance of loans at the beginning of the fiscal year in whichthe Federal Government imposes a continuing compliance requirement, for thosegrants which were in the form of loans. During the fiscal year ended June 30, 2021,in accordance with the terms above, 20% of the principal of both loans, in the totalamount of $153,620 was forgiven and recorded as a contribution in theaccompanying statement of activities and changes in net assets.
Title: SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal and city awards includes all federal and city program awards of Travelers Aid Society of Philadelphia d.b.a. Families Forward Philadelphia (Organization) for the year ended June 30, 2021. The information in this schedule pertaining to federal award expenditures has been prepared to comply with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles, and Audit Requirements for Federal Awards, and the information pertaining to city expenditures has been prepared to comply with the requirements in the City of Philadelphia Subrecipient Audit Guide. Because the data submitted is limited to these requirements, this information is not intended to present the financial position and results of operations of the Organization in accordance with accounting principles generally accepted in the United States of America.This schedule is presented using the accrual basis of accounting. Expenditures of federal awards are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200.320, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal or city agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Organization does not have any subrecipients.