Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles contained in the Uniform Guidance, or Wisconsin allowable cost policies, 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal, state and local awards (the schedule) includes the federal, state and local activity of Newcap, Inc. (Newcap) under programs of the federal, state and local government for the years 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) and the Wisconsin State Single Audit Guidelines (the Guidelines). Because the schedule presents only a selected portion of the operations of Newcap, it is not intended to and does not present the financial position, changes in net assets or cash flows of Newcap.
Expenditures for the following consolidated subsidiaries of Newcap are not included in the accompanying schedule of expenditures of federal, state and local awards to meet the requirements of the Uniform Guidance because they did not receive any funding subject to the Uniform Guidance or the Guidelines. Newcap Builds Community, Inc. Trolley Station Terrace, LLC Trolley Station Terrace Developer, LLC Newcap Village on the Water, LLC
Title: Federal ALN and State ID Numbers
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles contained in the Uniform Guidance, or Wisconsin allowable cost policies, 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Newcap received federal and state funding from various pass-through entities and some of the pass-through entities did not provide the federal assistance listing number or state identification number. The federal amounts are presented as 14.UNK and 16.UNK as the funds originate with the U.S. Department of Housing and Urban Development (HUD) and U.S. Department of Justice (DOJ), respectively. The funds for 14.UNK and 16.UNK for each federal department were assessed as one program as the HUD contracts were similar and the DOJ contracts were similar. The state amount is presented as 505.UNK as the funds originate with the Wisconsin Department of Administration, and are considered one program.