Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESBasis of AccountingThe accompanying schedule of expenditures of federal awards (the "Schedule") includes thefederal loan and grant activity of Trillium Housing Services (the "Organization") and ispresented on the accrual basis. The information in this schedule is presented in accordancewith the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance). Therefore, some amounts presented in this schedule may differ fromamounts presented or used in the preparation of the basic financial statements. In addition,because the Schedule presents only a selected portion of the operations of the Organization,it is not intended to and does not present the financial position, changes in net assets, orcash flows of the Organization.ExpendituresExpenditures 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.
De Minimis Rate Used: Both
Rate Explanation: NOTE B: INDIRECT COST REIMBURSEMENTSThe Uniform Guidance requires that all indirect costs be charged through the use of anapproved indirect cost rate. When no indirect cost rate has been approved, the UniformGuidance allows for a one-time election to use a 10% de minimis reimbursement rate. TheOrganization has not charged any indirect costs to its federal programs since the UniformGuidance became applicable, and has yet to determine if it will elect the 10% de minimisreimbursement rate.
COMMUNITY DEVELOPMENT BLOCK GRANTS/ENTITLEMENT GRANTS (14.218) - Balances outstanding at the end of the audit period were 3227048.
Title: NOTE C: FEDERAL LOAN PROGRAM
Accounting Policies: NOTE A: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESBasis of AccountingThe accompanying schedule of expenditures of federal awards (the "Schedule") includes thefederal loan and grant activity of Trillium Housing Services (the "Organization") and ispresented on the accrual basis. The information in this schedule is presented in accordancewith the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance). Therefore, some amounts presented in this schedule may differ fromamounts presented or used in the preparation of the basic financial statements. In addition,because the Schedule presents only a selected portion of the operations of the Organization,it is not intended to and does not present the financial position, changes in net assets, orcash flows of the Organization.ExpendituresExpenditures 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.
De Minimis Rate Used: Both
Rate Explanation: NOTE B: INDIRECT COST REIMBURSEMENTSThe Uniform Guidance requires that all indirect costs be charged through the use of anapproved indirect cost rate. When no indirect cost rate has been approved, the UniformGuidance allows for a one-time election to use a 10% de minimis reimbursement rate. TheOrganization has not charged any indirect costs to its federal programs since the UniformGuidance became applicable, and has yet to determine if it will elect the 10% de minimisreimbursement rate.
The Organization has received a U.S. Department of Housing and Urban Development loanunder the Community Development Block Grant program from the City and County ofHonolulu. The loan balance outstanding at the beginning of the year is included in the federalexpenditures presented in the Schedule, along with interest received on the loan which isowed back to the grantor.The balance owed on the loan program as of December 31, 2022 and 2021 is as follows:2022 2021Outstanding principal balance $ 2 ,853,393 $ 2,853,393Accrued interest 373,655 337,420Total $ 3 ,227,048 $ 3,190,813