Notes to SEFA
Title: Note 4 - Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Southside Community Development and Housing Corporation under programs of the federal government for the year ended June 30, 2022. 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 the Southside Community Development and Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Southside Community Development and Housing Corporation. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in 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.
No awards were passed through to subrecipients.
Title: Note 5 - Relationship to Financial Statements
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Southside Community Development and Housing Corporation under programs of the federal government for the year ended June 30, 2022. 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 the Southside Community Development and Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Southside Community Development and Housing Corporation. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in 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 expenditures and revenues are reported in the Corporation's statements as follows:HOME Grant 90,849.00 Community Development Block Grant 498,605.00 Henrico County HOME Grant 35,672.00 Neighborhood Stabilization Program 7,456.00 Virginia Housing Development Authority Grant 172,697.00 Henrico County CDBG Grant 7,260.00 RRP Grant 1,033,518.00