Notes to SEFA
Title: Note 2 Summary of Significant Accounting Policies
Accounting Policies: NOTE 1 BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes thefederal grant activity for Housing Collaborative (Formerly Socialserve) (the Organization)under programs of the federal government for the year ended March 31. 2022. Theinformation in this schedule is presented in accordance with the requirements of Title 2 U.S.Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance). Because theSchedule presents only a selected portion of the operations of the Organization, it is notintended to and does not present the financial position, changes in net assets, or cash flowsof the Organization.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting.Such expenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement.
Title: Note 3 - Contingencies
Accounting Policies: NOTE 1 BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes thefederal grant activity for Housing Collaborative (Formerly Socialserve) (the Organization)under programs of the federal government for the year ended March 31. 2022. Theinformation in this schedule is presented in accordance with the requirements of Title 2 U.S.Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance). Because theSchedule presents only a selected portion of the operations of the Organization, it is notintended to and does not present the financial position, changes in net assets, or cash flowsof the Organization.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
NOTE 3 CONTINGENCIESThe Organization is subject to audit examination by the funding sources of grants todetermine its compliance with certain grant provisions. In the event that expenditures couldbe disallowed through the audit, repayment of such disallowances could be required.