Title: Note A. BASIS OF PRESENTATION
Accounting Policies: Basis of Accounting: Expenditures reported on this Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Cost Principles for Nonprofit Organizations and the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement
De Minimis Rate Used: N
Rate Explanation: n/a
The accompanying Schedule of Expenditures of Federal Awards includes the Federal grant activity of Lokahi Pacific and Affiliates under programs of the Federal government for the year ended June 30, 2023.
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 Lokahi Pacific and Affiliates it is not intended to and does not present the combined financial position, changes in net assets, or cash flows of Lokahi Pacific and Affiliates.
Title: Note B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Basis of Accounting: Expenditures reported on this Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Cost Principles for Nonprofit Organizations and the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement
De Minimis Rate Used: N
Rate Explanation: n/a
Basis of Accounting: Expenditures reported on this Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Cost Principles for Nonprofit Organizations and the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Indirect Cost Rate: The Organization has not elected to use the 10% de minimis cost rate.
Title: Note C. SECTION 202 AND 811 CAPITAL ADVANCES
Accounting Policies: Basis of Accounting: Expenditures reported on this Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Cost Principles for Nonprofit Organizations and the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement
De Minimis Rate Used: N
Rate Explanation: n/a
Capital advances awarded under Section 202 and 811 do not bear interest and need not be repaid as long as the housing remains available to elderly or disabled persons for at least 40 years. Failure to comply with this requirement could result in HUD billing the Organization for the entire capital advance outstanding plus interest since the date of the first advance. These requirements expire in 2034 and 2044.
Title: Note D. SECTION 202 DIRECT LOAN PROGRAM FOR HOUSING FOR THE ELDERLY OR
DISABLED
Accounting Policies: Basis of Accounting: Expenditures reported on this Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Cost Principles for Nonprofit Organizations and the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement
De Minimis Rate Used: N
Rate Explanation: n/a
Federal Program Award Listing Identifying Number Amount
Supportive Housing for the Elderly 14.157 140-EH016-WHH-68 HUDI $ 100,650
Title: Note E. SUMMARY OF LOAN ACTIVITY
Accounting Policies: Basis of Accounting: Expenditures reported on this Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Cost Principles for Nonprofit Organizations and the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement
De Minimis Rate Used: N
Rate Explanation: n/a
Supportive Housing for the Elderly loan balance outstanding at June 30, 2022 $ 1100,650
Payments on the loan (45,927)
Supportive Housing for the Elderly loan balance outstanding at June 30, 2023 $ 54,723
Community Facilities Loans and Grants loan balance outstanding at June 30, 2022 $ 268,231
Payments on the loan (38,194)
Community Facilities Loans and Grants loan balance outstanding at June 30, 2023 $230,037
Intermediary Relending Program loan balance outstanding at June 30, 2022 $ 697,563
Payments on the loan (71,916)
Intermediary Relending Program loan balance outstanding at June 30, 2023 $ 625,647
Title: Note F. SUBRECIPIENT PASS THROUGH AWARDS
Accounting Policies: Basis of Accounting: Expenditures reported on this Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Cost Principles for Nonprofit Organizations and the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement
De Minimis Rate Used: N
Rate Explanation: n/a
No federal awards were passed through to sub-recipients.