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 includes the federal award activity of the Community Housing Development of North Richmond (the Organization), under programs of the federal government for the year ended December 31, 2022 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 operation of the Community Housing Development of North Richmond, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Community Development of North Richmond. The Organizations reporting entity is defined in Note 1 to the Organizations basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.Note 5 - Indirect Cost RateThe Community Housing Development of North Richmond has elected not to use the ten (10) percent de minimis indirect cost rate as allowed under Uniform Guidance.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and 2CFR part 200.502, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
Title: Note 3 - Pass -Through Entities Identifying Number
Accounting Policies: Note 1 - Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of the Community Housing Development of North Richmond (the Organization), under programs of the federal government for the year ended December 31, 2022 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 operation of the Community Housing Development of North Richmond, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Community Development of North Richmond. The Organizations reporting entity is defined in Note 1 to the Organizations basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.Note 5 - Indirect Cost RateThe Community Housing Development of North Richmond has elected not to use the ten (10) percent de minimis indirect cost rate as allowed under Uniform Guidance.
When federal awards were received from a pass-through entity, the schedule shows, if available, the identifying number assigned by the pass-through entity. When no identifying number is shown, the Organization has determined that no identifying number is assigned for the program or the Department was unable to obtain an identifying number from the pass-through entity.
Title: Note 4 - Assistance Listing Numbers
Accounting Policies: Note 1 - Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of the Community Housing Development of North Richmond (the Organization), under programs of the federal government for the year ended December 31, 2022 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 operation of the Community Housing Development of North Richmond, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Community Development of North Richmond. The Organizations reporting entity is defined in Note 1 to the Organizations basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.Note 5 - Indirect Cost RateThe Community Housing Development of North Richmond has elected not to use the ten (10) percent de minimis indirect cost rate as allowed under Uniform Guidance.
The assistance listing numbers included in this report were determined based on the program name, review of grant contract information, and the Office of Management Budgets Catalog of Federal Domestic Assistance.