Title: Basis of Accounting
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards 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.) Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. SBP, Inc. has not applied for its own indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: SBP, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards 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.) Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. SBP, Inc. has not applied for its own indirect cost rate.
Title: Risk-based audit approach
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards 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.) Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. SBP, Inc. has not applied for its own indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: SBP, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The dollar threshold used to distinguish between Type A and Type B programs is $750,000. The Organization does qualify as a low-risk auditee.
Title: Indirect Cost rate
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards 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.) Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. SBP, Inc. has not applied for its own indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: SBP, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
SBP, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Loan and Loan Guarantee Programs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards 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.) Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. SBP, Inc. has not applied for its own indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: SBP, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
SBP, Inc. administers a program funded by the U.S. Department of Housing and Urban Development. Balances and transactions relating to these programs are included in the SBP, Inc.’s consolidated financial statements. Loans outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule of Expenditures of Federal Awards. The balance of the loans outstanding at December 31, 2023 was $1,779,422 for Assistance Listing Number 14.228.