Notes to SEFA
Title: GENERAL
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 to the Organization's consolidated financial statements for the year ended December 31, 2022. 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 auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal awards of Gulf Coast Housing Partnership, Inc. (the Organization). The information in this 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 (Uniform Guidance). The Organization reporting entity is defined in Note 1 to the consolidated financial statements for the year ended December 31, 2022. All federal awards received directly from federal agencies are included on the schedule, as well as federal awards passed-through other entities. The Schedule presents only a selected portion of the operations of the Organization; it is not intended to and does not present the consolidated financial position, consolidated statement of activities, or consolidated cash flows of the Organization.
Title: RELATIONSHIP TO FINANCIAL STATEMENTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 to the Organization's consolidated financial statements for the year ended December 31, 2022. 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 auditee did not use the de minimis cost rate.
Federal award expenditures of $21,145,592 are reported as follows: Federal Grants $6,275,662 CY Long-term debt proceeds 14,869,930 Total federal expenditures $21,145,592. Total federal award expenditures of $6,275,662 are within the federal grant revenue reflected in the consolidated statement of activities. Funding received under the Community Development Block Grant Program which is passed through several State agencies is considered a grant award, and amounts presented on the Schedule represent draw downs on loans provided by the passthrough entity. Since the funding under this program is not a direct loan from the federal awarding agency, the awards are not presented as loans on the Schedule.
Title: RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 to the Organization's consolidated financial statements for the year ended December 31, 2022. 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 auditee did not use the de minimis cost rate.
Amounts reported in the Schedule of Expenditures of Federal Awards agree with the amounts reported in the related federal financial reports.