Notes to SEFA
Title: 1. Basis of Accounting
Accounting Policies: The Consolidated Schedule of Expenditures of Federal (Schedule) includes the federal grant activities of Homeboy Industries and
has been reported on the accrual basis of accounting. The information on 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 presentation of the
basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: Homeboy Industries has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Consolidated Schedule of Expenditures of Federal (Schedule) includes the federal grant activities of Homeboy Industries and has been reported on the accrual basis of accounting. The information on 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 presentation of the basic consolidated financial statements.
Title: 2. Indirect Cost Rate
Accounting Policies: The Consolidated Schedule of Expenditures of Federal (Schedule) includes the federal grant activities of Homeboy Industries and
has been reported on the accrual basis of accounting. The information on 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 presentation of the
basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: Homeboy Industries has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Homeboy Industries has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: 3. Awards to Subrecipients
Accounting Policies: The Consolidated Schedule of Expenditures of Federal (Schedule) includes the federal grant activities of Homeboy Industries and
has been reported on the accrual basis of accounting. The information on 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 presentation of the
basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: Homeboy Industries has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Homeboy Industries has not provided any Federal awards to subrecipients from the federal expenditures presented in the Schedule.
Title: 4. Loan Program
Accounting Policies: The Consolidated Schedule of Expenditures of Federal (Schedule) includes the federal grant activities of Homeboy Industries and
has been reported on the accrual basis of accounting. The information on 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 presentation of the
basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: Homeboy Industries has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The balance outstanding on the CDBG-Entitlement Grants Cluster loan program totaled $5,435,106 at December 31, 2023.