Notes to SEFA
Accounting Policies: NOTE A SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1. Reporting Entity
The principal programs of the Organization include homeownership services,
community building, and real estate development. Through these three lines of
business the Organization works to fulfill its mission, “NeighborWorks® Lincoln
keeps Lincoln a safe and prosperous community by revitalizing neighborhoods and
promoting homeownership.” In June 2005, Neighborhoods, Inc. changed its name
to doing business as NeighborWorks Lincoln. The name change was to better
clarify the relationship of the varied organizations known as NeighborWorks®
America.
2. Basis of Accounting
The schedule of expenditures of federal awards is presented on the accrual basis of
accounting.
3. Basis of Presentation
The accompanying schedule presents expenditures paid for each federal award
program in accordance with the Office of Management and Budget (OMB) Title 2
U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements,
Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Federal programs are reported as presented in the Catalog of Federal Domestic
Assistance (CFDA), whenever possible.
4. Contingencies
During the normal course of business, the Organization receives funds from the
United States Government for program services. Substantially all of these funds
are subject to future audit by various federal and state agencies, however, it is
management’s opinion that resulting adjustments, if any, would not have a material
effect upon the accompanying financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to charge the 10% de minimis indirect cost rate to its federal award programs.