Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the modified-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. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The Department has elected 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 award activity of the Governmental Department (the Department) of the Lumbee Tribe of North Carolina 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 Department, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Department.
Title: DONATED PERSONAL PROTECTIVE EQUIPMENT (UNAUDITED)
Accounting Policies: Expenditures reported on the Schedule are reported on the modified-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. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The Department has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Department did not receive any donated Personal Protective Equipment (PPE) during the year ended September 30, 2023.
Title: SUBRECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the modified-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. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The Department has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Of the expenditures presented in the Schedule, the Department did not provide any awards to subrecipients.
Title: TITLE VI LOAN PROGRAM
Accounting Policies: Expenditures reported on the Schedule are reported on the modified-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. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The Department has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Tribe entered into an agreement with a financial institution to borrow an amount of $2,000,000 for the purpose of various projects related to the construction and improvement of Pembroke Senior Village, LLC through the U.S. Department of Housing and Urban Development (HUD) Title VI Federal Guarantee for Financing Tribal Housing program. As of September 30, 2023, the amount borrowed under the Title VI program was $296,273. The interest rate for this agreement is 7.25%. The loan is being repaid in monthly installments of $22,159 with remaining principal and interest due on November 12, 2024. The Department has agreed to pledge a deposit account in an amount of 5% of the outstanding loan balance and HUD will guarantee 95% of the outstanding loan balance.
The Tribe entered into an agreement with a financial institution to borrow an amount of up to $6,000,000 for the purpose of various projects related to the construction and improvement of DreamCatcher Communities through the U.S. Department of Housing and Urban Development (HUD) Title VI Federal Guarantee for Financing Tribal Housing program. As of September 30, 2023, the amount borrowed under the Title VI program was $5,946,402. The interest rate for this agreement is 5.590%. The Tribe must pay 36 monthly consecutive interest only payments once a balance has been drawn upon the loan. Beginning June 15, 2023, 203 monthly payments of $45,651 will be required, with a final payment of $26,046 due May 15, 2040. There were no undrawn amounts on the loan at September 30, 2023. The Department has agreed to pledge a deposit account in an amount of 5% of the outstanding loan balance and HUD will guarantee 95% of the outstanding loan balance.
See the Notes to the SEFA for chart/table