Title: Loan/loan guarantee outstanding balances
Accounting Policies: Note 2 Summary of Significant Accounting PoliciesExpenditures reported in the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following cost principles contained in Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards, wherein certain types of expenditures are not allowed.Assistance Listing Numbers (ALN) are provided when available.The Organization elected not to use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS BOND GUARANTEE PROGRAM (21.014) - Balances outstanding at the end of the audit period were 13981972. CAPITAL MAGNET FUND (21.011) - Balances outstanding at the end of the audit period were 4124759.
Title: Basis of Presentation
Accounting Policies: Note 2 Summary of Significant Accounting PoliciesExpenditures reported in the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following cost principles contained in Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards, wherein certain types of expenditures are not allowed.Assistance Listing Numbers (ALN) are provided when available.The Organization elected not to use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Note 1 Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the expenditures of Homewise, Inc. and affiliates under programs of the federal government for the year ended March 31, 2022. 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. Therefore, some amounts presented in the Schedule may differ from amounts presented in or used in the preparation of the consolidated financial statements. Because the Schedule presents only a selected portion of the operations of Homewise, Inc., it is not intended to and does not presentthe financial position, changes in net assets or cash flows of Homewise, Inc.
Title: Loans and Loan Guarantees
Accounting Policies: Note 2 Summary of Significant Accounting PoliciesExpenditures reported in the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following cost principles contained in Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards, wherein certain types of expenditures are not allowed.Assistance Listing Numbers (ALN) are provided when available.The Organization elected not to use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Note 3 Loans and Loan GuaranteesIn accordance with Title 2 U.S. Code of Federal Regulations Part 200,, Uniform Administrative Requirements, Cost Principles and Audit Requirements of Federal Awards, Homewise discloses loans and loans guarantees. The reported amount includes new loans made during the year, plus prior year loans for which the federal government imposes continuing compliance requirements. Accordingly, the total expenditures per the Schedule of Expenditures of Federal Awards is adjusted as follows:Total expenditures per the Schedule of Expenditures of Federal Awards $5,731,980Loans and loan guarantees:Capital Magnet Fund (ALN #21.011) $3,334,159CDFI Bond Guarantee Program (ALN #21.014) $13,981,972Adjusted total expenditures per Schedule of Expenditures of Federal Awards $23,048,111
Title: CDFI Capital Magnet Fund
Accounting Policies: Note 2 Summary of Significant Accounting PoliciesExpenditures reported in the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following cost principles contained in Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards, wherein certain types of expenditures are not allowed.Assistance Listing Numbers (ALN) are provided when available.The Organization elected not to use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Note 4 CDFI Capital Magnet FundLoans outstanding at the beginning of the year and expenditures made during the year are included in the federal expenditures presented in the schedule. The balance of loans outstanding at March 31, 2022 consists of:Beginning balance, March 31, 2021 $3,623,852Add loans deployed $790,600Less principal payments ($289,693)Ending balance, March 31, 2022 $4,124,759
Title: CDFI Bond Guarantee Program
Accounting Policies: Note 2 Summary of Significant Accounting PoliciesExpenditures reported in the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following cost principles contained in Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards, wherein certain types of expenditures are not allowed.Assistance Listing Numbers (ALN) are provided when available.The Organization elected not to use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Note 5 CDFI Bond Guarantee ProgramBonds outstanding at the beginning of the year and bond funding drawn during the year are included in the federal expenditures presented in the schedule. The balance of bonds outstanding at March 31, 2022 consists of:Beginning balance, March 31, 2021 $14,355,910Less principal payments ($373,937)Ending balance, March 31, 2022 $13,981,972