Title: NOTE 1: GENERAL
Accounting Policies: The accompanying schedule of expenses of federal grant activity of the Organization 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).
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance requires that all indirect costs be charged through the use of an approved indirect cost rate. When no indirect cost rate has been approved, the Uniform Guidance allows for a one-time election to use a 10% diminimus reimbursement rate. The Organization has not charged any indirect costs to its federal programs since the Uniform Guidance became applicable, and has yet to determine if it will elect the 10% diminimus reimbursement rate.
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of Friends of the Mission (the "Organization"). All expenditures of federal financial assistance received are included in the schedule.
Title: NOTE 2: BASIS OF ACCOUNTING
Accounting Policies: The accompanying schedule of expenses of federal grant activity of the Organization 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).
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance requires that all indirect costs be charged through the use of an approved indirect cost rate. When no indirect cost rate has been approved, the Uniform Guidance allows for a one-time election to use a 10% diminimus reimbursement rate. The Organization has not charged any indirect costs to its federal programs since the Uniform Guidance became applicable, and has yet to determine if it will elect the 10% diminimus reimbursement rate.
The accompanying schedule of expenses of federal grant activity of the Organization 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).
Title: NOTE 3: CLAIMS
Accounting Policies: The accompanying schedule of expenses of federal grant activity of the Organization 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).
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance requires that all indirect costs be charged through the use of an approved indirect cost rate. When no indirect cost rate has been approved, the Uniform Guidance allows for a one-time election to use a 10% diminimus reimbursement rate. The Organization has not charged any indirect costs to its federal programs since the Uniform Guidance became applicable, and has yet to determine if it will elect the 10% diminimus reimbursement rate.
The Organization has received federal grants for specific purposes that are subject to review and audit by the Federal Government. Although such audits could result in expenditure disallowances under grant terms, any required reimbursements are not expected to be material.
Title: NOTE 4: LOAN PROGRAMS
Accounting Policies: The accompanying schedule of expenses of federal grant activity of the Organization 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).
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance requires that all indirect costs be charged through the use of an approved indirect cost rate. When no indirect cost rate has been approved, the Uniform Guidance allows for a one-time election to use a 10% diminimus reimbursement rate. The Organization has not charged any indirect costs to its federal programs since the Uniform Guidance became applicable, and has yet to determine if it will elect the 10% diminimus reimbursement rate.
The Organization has entered into five separate loan agreements with the City of West Sacramento under the Neighborhood Stabilization Program administered by the Department of Housing and Urban Development (HUD) under CDFA 14.218. The following schedule presents the amount of loan balance outstanding for each of the five separate agreements as of December 31, 2022.
Title: NOTE 5: INDIRECT COST REIMBURSEMENTS
Accounting Policies: The accompanying schedule of expenses of federal grant activity of the Organization 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).
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance requires that all indirect costs be charged through the use of an approved indirect cost rate. When no indirect cost rate has been approved, the Uniform Guidance allows for a one-time election to use a 10% diminimus reimbursement rate. The Organization has not charged any indirect costs to its federal programs since the Uniform Guidance became applicable, and has yet to determine if it will elect the 10% diminimus reimbursement rate.
The Uniform Guidance requires that all indirect costs be charged through the use of an approved indirect cost rate. When no indirect cost rate has been approved, the Uniform Guidance allows for a one-time election to use a 10% diminimus reimbursement rate. The Organization has not charged any indirect costs to its federal programs since the Uniform Guidance became applicable, and has yet to determine if it will elect the 10% diminimus reimbursement rate.