Notes to SEFA
Title: 3. RECONCILIATION TO CONSOLIDATED FINANCIAL STATEMENTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of Rocky as described in Note 1 of the accompanying Notes to Consolidated Financial Statements. 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 a selected portion of the operations of Rocky, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of Rocky. Expenditures reported on the Schedule are reported on the accrual basis of accounting as described in Note 1 of the accompanying Notes to Consolidated Financial Statements. 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. All federal awards received by Rocky are considered conditional grants and therefore revenue is recognized when qualifying expenses have been incurred.
De Minimis Rate Used: N
Rate Explanation: Rocky received an approved provisional rate of 13.50% from its federal cognizant agency, the Department of Health and Human Services. The effective rate applied during fiscal year 2023 is 13.3%.
Following is a reconciliation of the total expenditures on the Schedule to federal grant revenue shown on the Consolidated Statement of Activities:
Title: 4. HOME CHDO PROCEEDS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of Rocky as described in Note 1 of the accompanying Notes to Consolidated Financial Statements. 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 a selected portion of the operations of Rocky, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of Rocky. Expenditures reported on the Schedule are reported on the accrual basis of accounting as described in Note 1 of the accompanying Notes to Consolidated Financial Statements. 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. All federal awards received by Rocky are considered conditional grants and therefore revenue is recognized when qualifying expenses have been incurred.
De Minimis Rate Used: N
Rate Explanation: Rocky received an approved provisional rate of 13.50% from its federal cognizant agency, the Department of Health and Human Services. The effective rate applied during fiscal year 2023 is 13.3%.
Rocky has loaned HOME grant funds to other organizations to support the development of low-income housing. Repayment received by Rocky on these loans represent CHDO proceeds. These CHDO proceeds must be used for HOME eligible activities that support housing for low-income persons. Rocky had available CHDO proceeds of $72,511 of which $21,743 was disbursed for HOME eligible activities leaving $50,768 available at June 30, 2023.