Notes to SEFA
Title: Note A - Basis of Presentation
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 reimbursement. Negative amounts shown in 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: N
Rate Explanation: The 10% standard indirect cost rate was not elected as it does not apply to any of the federal grant programs in which the Organization currently participates.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of BASCA, Inc. 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. Because the Schedule presents only a selected portion of the operations of BASCA, Inc., it is not intended to and does not present the financial position, activities and changes in net assets, functional expenses, or cash flows of BASCA, Inc.
Title: Note B - Summary of Significant Accounting Policies
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 reimbursement. Negative amounts shown in 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: N
Rate Explanation: The 10% standard indirect cost rate was not elected as it does not apply to any of the federal grant programs in which the Organization currently participates.
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 in the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: Note C – Indirect Cost Rate
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 reimbursement. Negative amounts shown in 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: N
Rate Explanation: The 10% standard indirect cost rate was not elected as it does not apply to any of the federal grant programs in which the Organization currently participates.
The 10% standard indirect cost rate was not elected as it does not apply to any of the federal grant programs in which the Organization currently participates.
Title: Note D - Commitments by Federal Government
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 reimbursement. Negative amounts shown in 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: N
Rate Explanation: The 10% standard indirect cost rate was not elected as it does not apply to any of the federal grant programs in which the Organization currently participates.
All block grants described in the schedule are connected with the initial Neighborhood Stabilization Plan (NSP; level 1) funding. BASCA received funds used to purchase selected residential properties. These grants were in the form on loans that will be forgiven once the compliance requirements have expired. BASCA has a continuing obligation to meet compliance requirements associated with these grants until the deferred revenue is earned in 2025, 2026 and 2027 for 2010, 2011, and 2012 grants respectively. Total deferred revenue under the loans is $1,177,506.