Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, or OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Housing for New Hope, Inc has not elected to use the 10% deminimis indirect cost rate as allowed under the Uniform Guidance.
This schedule includes the federal grant activity of Housing for New Hope, Inc. and is presented on the accrual basis of accounting. 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). The schedule presents only a selected portion of the operations of Housing for New Hope, Inc. and it is not intended to and does not present the financial position, change in net assets, or cash flows of Housing for New Hope, Inc.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, or OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Housing for New Hope, Inc has not elected to use the 10% deminimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, or OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Housing for New Hope, Inc has not elected to use the 10% deminimis indirect cost rate as allowed under the Uniform Guidance.
Title: LOANS OUTSTANDING
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, or OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Housing for New Hope, Inc has not elected to use the 10% deminimis indirect cost rate as allowed under the Uniform Guidance.
Housing for New Hope, Inc. had the following loan balances outstanding as of August 31, 2023: Program Title: Pass-through City of Durham:
Home Investment Partnerships Program. Assistance Listing Number: 14.239. Amount Outstanding: $298,355. Program Title: Pass-through NC Housing Finance Agency:
Home Investment Partnerships Program. Assistance Listing Number: 14.239. Amount Outstanding: $154,170.