Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Summary of Significant Accounting Policies:1) Expenditures reported on the Schedule are reported on the accrual basis of accounting except forthe loan balances as discussed below. Such expenditures are recognized following the costprinciples contained in the Uniform Guidance, wherein certain types of expenditures are notallowable or are limited as to reimbursement.2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Beacon has elected not to use the 10-percent de minimis indirect cost rate allowed under the UniformGuidance.
Federal expenditures for the Community Development Block/Entitlement Grants and HOME InvestmentPartnerships Program consist of $559,665 of new loans received during the year plus the balance at thebeginning of the year of loans outstanding from previous years for which the grantor imposes continuingcompliance requirements. The COVID-19 loans were to be used to fund operating deficits during the periodof April 1, 2020 through September 30, 2021. As of June 30, 2022, $22,397 and $98,024 have been used foreligible purposes at 545 Snelling LLC and 352 Wacouta LLC, respectively. The loan balances for loansoutstanding from previous years have not changed as of June 30, 2022.
Title: Basis of Presentation
Accounting Policies: Summary of Significant Accounting Policies:1) Expenditures reported on the Schedule are reported on the accrual basis of accounting except forthe loan balances as discussed below. Such expenditures are recognized following the costprinciples contained in the Uniform Guidance, wherein certain types of expenditures are notallowable or are limited as to reimbursement.2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Beacon has elected not to use the 10-percent de minimis indirect cost rate allowed under the UniformGuidance.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal grantactivity of Beacon Interfaith Housing Collaborative (Beacon) under programs of the federal government forthe year ended June 30, 2022. This schedule includes wholly owned entities, and excludes limitedpartnerships and nonprofit organizations that receive separate audited financial statements in accordancewith either the Consolidated Audit Guide for Audits of HUD Programs (the Guide) issued by the U.S.Department of Housing and Urban Development, Office of the Inspector General or the Uniform Guidance,when applicable. The information in this schedule is presented in accordance with the requirements ofTitle 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (the Uniform Guidance). Therefore, some amounts presented in thisschedule may differ from amounts presented in, or used in the preparation of, the financial statements.
Title: Refundable Advance
Accounting Policies: Summary of Significant Accounting Policies:1) Expenditures reported on the Schedule are reported on the accrual basis of accounting except forthe loan balances as discussed below. Such expenditures are recognized following the costprinciples contained in the Uniform Guidance, wherein certain types of expenditures are notallowable or are limited as to reimbursement.2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Beacon has elected not to use the 10-percent de minimis indirect cost rate allowed under the UniformGuidance.
Beacon Interfaith Housing Collaborative has a refundable advance outstanding in the amount of $120,000as of the beginning of the fiscal year which continues to have compliance requirements. The U.S.Department of Housing and Urban Development has given Beacon a waiver on including this grant for thepurposes of determining federal expenditures each year. Therefore, this grant has not been included in thecurrent years federal expenditures presented in the schedule.