Title: Note 1: General
Accounting Policies: Basis of Presentation – This schedule includes the activity of Gulf Coast Housing Partnership, Inc. (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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal awards of Gulf Coast Housing Partnership, Inc. (the Organization). 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). The Organization reporting entity is defined in Note 1 to the consolidated financial statements for the year ended December 31, 2023. All federal awards received directly from federal agencies are included on the Schedule, as well as federal awards passed-through other entities.
Title: Note 4: Loans
Accounting Policies: Basis of Presentation – This schedule includes the activity of Gulf Coast Housing Partnership, Inc. (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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% de minimis indirect cost rate.
The Organization did not expend federal awards related to loans or loan guarantees during the year. The Organization expended $15,073,200 of state agency loans related to federal awards during the year.
Title: Note 5: Federally Funded Insurance
Accounting Policies: Basis of Presentation – This schedule includes the activity of Gulf Coast Housing Partnership, Inc. (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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% de minimis indirect cost rate.
The Organization has no federally funded insurance.
Title: Note 6: Noncash Assistance
Accounting Policies: Basis of Presentation – This schedule includes the activity of Gulf Coast Housing Partnership, Inc. (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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% de minimis indirect cost rate.
The Organization did not receive any federal noncash assistance for the fiscal year ended December 31, 2023.
Title: Note 7: Reconciliation of Federal Expenditures
Accounting Policies: Basis of Presentation – This schedule includes the activity of Gulf Coast Housing Partnership, Inc. (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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% de minimis indirect cost rate.
Federal award expenditures are reported as follows:
Total federal award expenditures of $1,871,572 are within the federal grant revenue reflected in the consolidated statement of activities.
Funding received under the Community Development Block Grant Program is passed through several State agencies, and thus is considered a grant award. Amounts presented on the Schedule represent draw downs on loans provided by the passthrough entity. Since the funding under this program is not
a direct loan from the federal awarding agency, the awards are not presented as loans on the accompanying Schedule of Federal Expenditures.
Title: Note 8: Relationship to Federal Financial Reports
Accounting Policies: Basis of Presentation – This schedule includes the activity of Gulf Coast Housing Partnership, Inc. (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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% de minimis indirect cost rate.
Amounts reported in the Schedule of Expenditures of Federal Awards agree with the amounts reported in the related federal financial reports.