Notes to SEFA
Title: REPORTING ENTITY
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The schedule of expenditures of federal awards presents the activities of the federal award program expended by Grove City Community Homes, Inc. dba Grove Heights Town Homes. The Organization’s reporting entity is defined in Note 1 to the financial statements.
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Grove City Community Homes, Inc. dba Grove Heights Town Homes (RHS Project No. 27-47-297902617-014), under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the audit 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 operations of the Organization, it is not intended to and does not present the financial position, the activities, functional expenses, or cash flows of Grove City Community Homes, Inc. dba Grove Heights Town Homes.
Title: LOAN AND LOAN GUARANTEE PROGRAMS
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Grove City Community Homes, Inc. dba Grove Heights Town Homes has outstanding Section 515 Loans with a balance of $545,916 at December 31, 2023. The Section 515 Loans are guaranteed by the U.S. Department of Agriculture.
Grove City Community Homes, Inc. dba Grove Heights Town Homes has an outstanding HOME Investment Partnership Program Loan with a balance of $294,000 at December 31, 2023. The HOME Investment Partnership Program Loan is guaranteed by the U.S. Department of Agriculture.
Title: DONATED FEDERALLY FUNDED PERSONAL PROTECTIVE EQUIPMENT
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Grove City Community Homes, Inc. dba Grove Heights Town Homes did not receive any donated federally funded personal protective equipment.