Notes to SEFA
Title: Note C - Loan
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Corporation to Develop Communities of Tampa, Inc. and Subsidiaries under programs of the federal government for the year ended December 31, 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 Corporation to Develop Communities of Tampa, Inc. and Subsidiaries, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Corporation to Develop Communities of Tampa, Inc. and Subsidiaries. Expenditures reported on the schedule are reported on the 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 shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: Y
Rate Explanation: Corporation to Develop Communities of Tampa, Inc. and Subsidiaries has elected to use the 10- percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The following loan and loan guarantee programs have outstanding balances as of
December 31, 2023:
U.S. Department of Housing and Urban Development Community Development Block Grants/Entitlement Grants $ 1,914,136
U.S. Department of Treasury Coronavirus State and Local Fiscal Recovery Funds $ 16,224,664
Title: Note D - Contingencies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Corporation to Develop Communities of Tampa, Inc. and Subsidiaries under programs of the federal government for the year ended December 31, 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 Corporation to Develop Communities of Tampa, Inc. and Subsidiaries, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Corporation to Develop Communities of Tampa, Inc. and Subsidiaries. Expenditures reported on the schedule are reported on the 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 shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: Y
Rate Explanation: Corporation to Develop Communities of Tampa, Inc. and Subsidiaries has elected to use the 10- percent de minimis indirect cost rate as allowed under the Uniform Guidance.
These federal programs are subject to financial and compliance audits by grantor agencies which, if instances of material noncompliance are found, may result in disallowed expenditures and affect the Organization’s continued participation in specific programs. The amounts, if any, of expenditures which may be disallowed by the grantor agencies cannot be determined at this time, although the Organization expects such amounts, if any, to be immaterial.