Title: NEIGHBORHOOD REINVESTMENT / NEIGHBORWORKS AMERICA FUNDING
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee dNWGF has not elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.id not use the de minimis cost rate.
The Neighborhood Reinvestment Corporation, doing business as NeighborWorks America, is a congressionally chartered nonprofit organization that receives direct federal appropriations. They have not been issued an Assistance Listing Number (ALN) for federal appropriations. Public Law number 117-103 was issued for the appropriations awarded for the year ending September 30, 2022, and Public Law number 116-260 was issued for the appropriations awarded for the year ending September 30, 2021.
Title: COMMUNITY FRAMEWORKS SELF-HELP HOUSING OPPORTUNITY PROGRAM
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee dNWGF has not elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.id not use the de minimis cost rate.
purchase of land lots which ultimately are re-sold to qualifying families of the Self-Help program. When all units within each loan pool have had homes constructed upon them that are occupied and approved by Community Frameworks, the loans then become eligible for conversion. Upon conversion, one third of the loan is forgiven and the remaining two thirds becomes a ten-year restricted grant. At the end of the ten-year restricted grant phase, the two thirds balance becomes unrestricted and eligible for general use in operations. The Schedule reports loans in full that were used for the purchase of real estate that has not been completely developed. At the end of the year there were 9 Community Frameworks self-help housing opportunity loans outstanding to develop 50 lots. The following is a summary of loan activity for the year ended September 30, 2022: Outstanding Loans, September 30, 2021 $656,400 New Loans During the Year $90,000 Loan Eligible for Conversion $0 Loan Conversions During the Year $0 Outstanding Loans, September 30, 2022 $746,400
Title: SUB-RECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee dNWGF has not elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.id not use the de minimis cost rate.
No funds were passed through to sub-recipients.
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee dNWGF has not elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.id not use the de minimis cost rate.
The schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Neighborhood Housing Services, Inc. of Great Falls dba NeighborWorks Great Falls (NWGF) under programs of the federal government for the year ended September 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 selected portions of the Organization's operations, it is not intended to and does not present the financial position, change in net assets, or cash flows for the organization.