Notes to SEFA
Title: SUBRECIPIENTS
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Operation Renewed Hope Foundation, 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 (CFR) 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 Operation Renewed Hope Foundation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Operation Renewed Hope Foundation.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 reimbursements.
De Minimis Rate Used: Y
Rate Explanation: The Foundation has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
There were no awards passed through to subrecipients.
Title: LOAN ASSISTANCE PROGRAM
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Operation Renewed Hope Foundation, 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 (CFR) 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 Operation Renewed Hope Foundation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Operation Renewed Hope Foundation.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 reimbursements.
De Minimis Rate Used: Y
Rate Explanation: The Foundation has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
As of December 31, 2023, the Foundation had outstanding loan obligations as shown in the table below. See chart/table. The above amount includes the cumulative, outstanding loan proceeds as shown on the Schedule of Expenditures of Federal Awards as of December 31, 2023. This amount may be forgiven if certain conditions are met based on the Foundation’s continued compliance with specified grant requirements, and is included in loan payable in the accompanying statement of financial positions.