Title: Basis of Accounting and Presentation
Accounting Policies: This summary of significant accounting policies of P.V. Community Development Corporation is presented to assist in understanding P.V. Community Development Corporation’s Schedule of Expenditures of Federal Awards. The Schedule and notes are representations of P.V. Community Development Corporation’s management, who is responsible for their integrity and objectivity.
Basis of Accounting and Presentation – The Schedule of Expenditures of Federal Awards is prepared using the accrual basis of accounting. The information in this schedule is presented in accordance with the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Indirect Costs – P.V. Community Development Corporation has elected to use the de minimis rate of 10% of modified total direct cost as an indirect cost allocation factor, as allowed under 2C.F.R. §200.414.
Subrecipients – There were no subrecipients of the Federal Awards received by P.V. Community Development Corporation for the year ended August 31, 2023.
De Minimis Rate Used: Y
Rate Explanation: P.V. Community Development Corporation has elected to use the de minimis rate of 10% of modified total direct cost as an indirect cost allocation factor, as allowed under 2C.F.R. §200.414.
The Schedule of Expenditures of Federal Awards is prepared using the accrual basis of accounting. The information in this schedule is presented in accordance with the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: Indirect Costs
Accounting Policies: This summary of significant accounting policies of P.V. Community Development Corporation is presented to assist in understanding P.V. Community Development Corporation’s Schedule of Expenditures of Federal Awards. The Schedule and notes are representations of P.V. Community Development Corporation’s management, who is responsible for their integrity and objectivity.
Basis of Accounting and Presentation – The Schedule of Expenditures of Federal Awards is prepared using the accrual basis of accounting. The information in this schedule is presented in accordance with the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Indirect Costs – P.V. Community Development Corporation has elected to use the de minimis rate of 10% of modified total direct cost as an indirect cost allocation factor, as allowed under 2C.F.R. §200.414.
Subrecipients – There were no subrecipients of the Federal Awards received by P.V. Community Development Corporation for the year ended August 31, 2023.
De Minimis Rate Used: Y
Rate Explanation: P.V. Community Development Corporation has elected to use the de minimis rate of 10% of modified total direct cost as an indirect cost allocation factor, as allowed under 2C.F.R. §200.414.
P.V. Community Development Corporation has elected to use the de minimis rate of 10% of modified total direct cost as an indirect cost allocation factor, as allowed under 2C.F.R. §200.414.
Title: Subrecipients
Accounting Policies: This summary of significant accounting policies of P.V. Community Development Corporation is presented to assist in understanding P.V. Community Development Corporation’s Schedule of Expenditures of Federal Awards. The Schedule and notes are representations of P.V. Community Development Corporation’s management, who is responsible for their integrity and objectivity.
Basis of Accounting and Presentation – The Schedule of Expenditures of Federal Awards is prepared using the accrual basis of accounting. The information in this schedule is presented in accordance with the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Indirect Costs – P.V. Community Development Corporation has elected to use the de minimis rate of 10% of modified total direct cost as an indirect cost allocation factor, as allowed under 2C.F.R. §200.414.
Subrecipients – There were no subrecipients of the Federal Awards received by P.V. Community Development Corporation for the year ended August 31, 2023.
De Minimis Rate Used: Y
Rate Explanation: P.V. Community Development Corporation has elected to use the de minimis rate of 10% of modified total direct cost as an indirect cost allocation factor, as allowed under 2C.F.R. §200.414.
There were no subrecipients of the Federal Awards received by P.V. Community Development Corporation for the year ended August 31, 2023.
Title: OUTSTANDING LOANS WITH CONTINUING COMPLIANCE REQUIREMENTS
Accounting Policies: This summary of significant accounting policies of P.V. Community Development Corporation is presented to assist in understanding P.V. Community Development Corporation’s Schedule of Expenditures of Federal Awards. The Schedule and notes are representations of P.V. Community Development Corporation’s management, who is responsible for their integrity and objectivity.
Basis of Accounting and Presentation – The Schedule of Expenditures of Federal Awards is prepared using the accrual basis of accounting. The information in this schedule is presented in accordance with the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Indirect Costs – P.V. Community Development Corporation has elected to use the de minimis rate of 10% of modified total direct cost as an indirect cost allocation factor, as allowed under 2C.F.R. §200.414.
Subrecipients – There were no subrecipients of the Federal Awards received by P.V. Community Development Corporation for the year ended August 31, 2023.
De Minimis Rate Used: Y
Rate Explanation: P.V. Community Development Corporation has elected to use the de minimis rate of 10% of modified total direct cost as an indirect cost allocation factor, as allowed under 2C.F.R. §200.414.
The Organization had the following loan balances outstanding at August 31, 2023:
CDBG Rental Housing Home Investment Partnerships Program – 600 Piedras Ave. ALN 14.239. Amount Outstanding $ 746,249
CHDO Home Investment Partnerships Program – 6385 Santiago ALN 14.239. Amount outstanding $2,825,728.
Total $3,571,977