Notes to SEFA
Title: NeighborWorks? America Funds
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal assistance activity of Urban Edge and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Urban Edge's consolidating financial statements include the operations of certain limited partnerships and LLCs, the Federal programs of which are not included in the accompanying Schedule of Expenditures of Federal Awards for the year ended December 31, 2022, since the limited partnerships are not subject to the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
NeighborWorks? America (NW) requires all sub-recipients to use AL No. 21.000 for certain NW funds.
Title: Loans Outstanding
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal assistance activity of Urban Edge and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Urban Edge's consolidating financial statements include the operations of certain limited partnerships and LLCs, the Federal programs of which are not included in the accompanying Schedule of Expenditures of Federal Awards for the year ended December 31, 2022, since the limited partnerships are not subject to the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Supportive Housing Program (14.235) represents an outstanding loan balance at December 31, 2022.