Notes to SEFA
Title: 4. Subrecipients
Accounting Policies: Coordinated Living of Southern Nevada (the Organization) is a nonprofit organization organized under the laws of the State of Nevada to promote and provide affordable housing for low income and senior persons of southern Nevada and the remainder of the State of Nevada where no adequate housing exists for such groups and to provide services specially designed to meet their needs.
The accompanying schedule of expenditures of federal awards includes the federal program activities of the Organization and 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirement 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 and it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.
Pass-through entity identifying numbers are presented where available.
The accompanying Schedule is presented using the accrual basis of accounting, which is described in Note 2 to the financial statements of Coordinated Living of Southern Nevada, Inc.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The Organization did not charge any indirect costs to the program during the year ended December 31, 2023.
No new federal awards were provided to subrecipients by the Organization during the year ended December 31, 2023. Total notes outstanding for previously provided awards as of December 31, 2023 totals $8,869,144: See the Notes to the SEFA for chart/table.
Title: 5. Notes Outstanding
Accounting Policies: Coordinated Living of Southern Nevada (the Organization) is a nonprofit organization organized under the laws of the State of Nevada to promote and provide affordable housing for low income and senior persons of southern Nevada and the remainder of the State of Nevada where no adequate housing exists for such groups and to provide services specially designed to meet their needs.
The accompanying schedule of expenditures of federal awards includes the federal program activities of the Organization and 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirement 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 and it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.
Pass-through entity identifying numbers are presented where available.
The accompanying Schedule is presented using the accrual basis of accounting, which is described in Note 2 to the financial statements of Coordinated Living of Southern Nevada, Inc.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The Organization did not charge any indirect costs to the program during the year ended December 31, 2023.
The basis used to determine notes outstanding is 1) the amount of proceeds received during the fiscal year plus 2) the balance of notes from previous years for which the federal government imposes continuing compliance requirements plus 3) any interest subsidy, cash or administrative cost allowance received.
The Organization has signed promissory note agreements with the grantors, which require repayment upon the earlier of the maturity date stated in the note agreement or upon request of the grantor if the respective asset is converted to non-qualified HOME Investment Partnership Program activity. The notes are secured by a deed of trust and assignment of rents on the rental property for which the funds were used for construction.
The balances of notes outstanding as of December 31, 2023 equaled the amount of federal expenditures of loan programs for the year ended December 31, 2023 and totaled $8,869,144.