Notes to SEFA
Title: Basis of Presentation
Accounting Policies: 1) 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: One Roof Community Housing has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activity of One Roof Community Housing and its subsidiaries (One Roof) under programs of the federal government for the year ended December 31, 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 (the 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: Program Income
Accounting Policies: 1) 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: One Roof Community Housing has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
In accordance with terms of the CDFI grant, program income totaling $2,636 was used for allowable costs under the grant agreement in addition to the original award amount. In accordance with the terms of the HOME and CDBG grants, program income totaling $845,402 was used for allowable costs under the grant agreements in addition to the original award amounts. Program income is included in the schedule of expenditures of federal awards when used for allowable costs under the grant agreements
Title: Loan or Loan Guarantee Programs
Accounting Policies: 1) 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: One Roof Community Housing has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Federal expenditures for the HOME Investment Partnership Program include $508,595 of new advances received during the year for loans which the grantor imposes continuing compliance requirements. The balance of the loans outstanding as of December 31, 2023 is $508,595.