Title: 1. Basis of presentation
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Assistance Listing numbers (“AL No.”) are provided when available. The Organization elected not to use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The organization elected not to use the 10% de minimis indirect cost rate
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the expenditures of National Community Renaissance of California (the “Organization”) and subsidiaries under programs of the federal government for the year ended December 31, 2023. The information in the Schedule is presented in accordance with the requirements of Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. For purposes fo the Schedule, federal awards include all sub awards to the Organization by nonfederal organizations pursuant to federal grants, contracts and similar agreements.
Title: 2. Outstanding federal loans and grants
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Assistance Listing numbers (“AL No.”) are provided when available. The Organization elected not to use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The organization elected not to use the 10% de minimis indirect cost rate
The following represents the amount of outstanding loans and grants identified by AL No. AL No. starting with 14 are provided by U.S. Department of Housing and Urban Development, and AL No. starting with 21 are provided by U.S. Department of the Treasury, and are included in the Schedule. Prior year
funds with Total
Funds continuing outstanding
AL received compliance loans
No. Program title in 2023 requirements December 31, 2023
14.239 HOME Investment
Partnership Program - Loans $ 0 $ 630,380 $ 616,958
14.231 Emergency Solutions
Grant Programs - Grants $ 1.787,763 $ 1,642,167 $ 3,429,930
21.019 Coronavirus Relief Fund - Loans $ 0 $ 17,470,000 $ 17,470,000
No. HOME units Project Pass-trhrough entity AL No. Outstanding loan balance as of December 31, 2023
11 Clark Long Beach Affordable 14.239 $550,000
Housing Coalition, Inc.
11 Corona del Rey County of Riverside 14.239 66,958
22 Total of HOME Investments Parntership Program - Loans $ 616,958
No. Homekey Grant funds expended
units Project Pass-through entity AL No. as of December 31, 2023
49 Titta Inn City of Los Angeles 14.231 $ 534,066
52 Super 8 City of Los Angeles 14.231 537,620
62 HB Oasis* California Department of 14.231 2,358,244
Housing and Community
Development; County of Orange
163 Total of Emergency Solutions Grant Program - Grant expenditures $ 3,429,930
* includes indeterminate federal amounts
No. Homekey Outstanding loan balance
units Project Pass-through entity AL No. as of December 31, 2023
49 Titta Inn* City of Los Angeles 21.019 $ 8,580,000
52 Super 8* City of Los Angeles 21.019 8,890,000
101 Total of Coronavirus Relief Funds - Loans $ 17,470,000
* includes indeterminate federal amounts
Emergency Solutions Grant Program expenditures and Coronavirus Relief Funds may include non-federal amounts, however such amounts are indeterminate:
The grant funds received by the HB Oasis project consists of Homekey Program funding by the California Department of Housing and Community Development (“HCD”), passed-through to the County of Orange, who then passed-through to the Organization. The HCD Homekey Program funds are derived from the Coronavirus State Fiscal Recovery Fund established by the federal American Rescue Plan Act of 2021 (Public Law 117-2) and, to a lesser extent, the California State General Fund (non-federal).
The loans received by the Titta Inn and Super 8 projects consist of Homekey Program funding by HCD, passed-through to the City of Los Angeles and the Housing Authority of the City of Los Angeles, who then passed-through to the Organization. The HCD Homekey Program funds are derived from the Coronavirus Relief Fund established by the federal Coronavirus Aid, Relief, and Economic Security Act of 2020 (Public Law 116-136), and, to a lesser extent, the California State General Fund (non-federal).