Notes to SEFA
Title: Note C NeighborWorks? America Capital Fund
Accounting Policies: Note B Summary of Significant Accounting Policies Expenditures reported on the Schedule 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. Ponce Neighborhood Housing Services, Inc has elected not to use the10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.NOTE A Basis of PresentationThe accompanying schedule of expenditures of federal awards includes the federal award activity of Ponce Neighborhood Housing Services, Inc., 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Ponce Neighborhood Housing Services, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Ponce Neighborhood Housing Services, Inc.
Ponce Neighborhood Housing Services, Inc. has received a grant from NeighborWorks? America, a Congressionally chartered nonprofit organization dedicated to creating places of opportunity in communities across the U.S., The grant is a revolving capital grant fund for making affordable loans and capital projects. The grant balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Project received no additional capital advances during the year. The balance of the grant outstanding on September 30, 2022, consists of: CFDA Number Program Name Outstanding Balance 21.000 NeighborWorks? America Revolving Capital Fund $ 1,701,561