Title: NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on accrual basis of accounting, and recognized following cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Organization uses negotiated cost rate, approved by Department of Health and Human Services, the Organization's cognizant agency.
Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the accrual basis of accounting. 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 reimbursements.
Title: NOTE 2 - INDIRECT COST RATE
Accounting Policies: Expenditures reported on accrual basis of accounting, and recognized following cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Organization uses negotiated cost rate, approved by Department of Health and Human Services, the Organization's cognizant agency.
The Orginzation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The Organization uses a negotiated indirect cost rate per a proposal submitted to and approved by the Department of Health and Human Services, the Organization's cognizant agency.
Title: NOTE 3 – BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on accrual basis of accounting, and recognized following cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Organization uses negotiated cost rate, approved by Department of Health and Human Services, the Organization's cognizant agency.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of North East Community Action Corporation and Subsidiaries (the Organization) under programs of the federal government for the year ended September 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 the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: NOTE 4 – LOANS PAYABLE
Accounting Policies: Expenditures reported on accrual basis of accounting, and recognized following cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Organization uses negotiated cost rate, approved by Department of Health and Human Services, the Organization's cognizant agency.
The Organization has outstanding loans from U.S. Department of Housing and Urban Development and the United States Department of Agriculture. Balances and transactions relating to this program are included in the Organization's basic financial statements. No new loans were made during the year that need to be included in the Schedule.
Supportive House for the Elderly $ 4,355,000
Section 202 (CFDA 14.157)
Home Investment Partnership Program 850,727
Passed through the Missouri Housing
Development Commission (CFDA 14.239)
Rural Rental Housing Loans (CFDA 10.415) 3,522,669
Title: NOTE 5 - SUBRECIPIENTS
Accounting Policies: Expenditures reported on accrual basis of accounting, and recognized following cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Organization uses negotiated cost rate, approved by Department of Health and Human Services, the Organization's cognizant agency.
There were no awards passed through to sub-recipients.