Notes to SEFA
Title: Basis of presentation
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Assistance Listing numbers (“AL No.”) are provided when available.
De Minimis Rate Used: N
Rate Explanation: The auditee used direct costs.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the expenditures of Del Norte Neighborhood Development Corporation and Affiliates (the “Organization”) under programs of the federal government for the year ended December 31, 2022.
The information in the Schedule is presented in accordance with the requirements of Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in
the preparation of the basic consolidated financial statements.
For purposes of the Schedule, federal awards include all sub awards to Del Norte Neighborhood Development Corporation and Affiliates by nonfederal organizations pursuant to federal grants, contracts and similar agreements.
Title: Summary of significant accounting policies
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Assistance Listing numbers (“AL No.”) are provided when available.
De Minimis Rate Used: N
Rate Explanation: The auditee used direct costs.
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of
expenditures are not allowed. Assistance Listing numbers (“AL No.”) are provided when available.
The Organization elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Outstanding loans
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Assistance Listing numbers (“AL No.”) are provided when available.
De Minimis Rate Used: N
Rate Explanation: The auditee used direct costs.
The following represents the amount of outstanding loans identified by AL No. All loans are provided by HUD and are included in the Schedule.
See the Notes to the SEFA for chart/table