Notes to SEFA
Title: SUBRECIPEINTS
Accounting Policies: BASIS OF ACCOUNTING
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Keene Housing 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the principles contained in the Uniform Guidance, 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: Keene Housing has not elected to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.
Keene Housing was not a subrecipient of any federal awards and did not pass-through any federal awards to subrecipients.
Title: NONCASH FEDERAL ASSISTANCE
Accounting Policies: BASIS OF ACCOUNTING
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Keene Housing 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the principles contained in the Uniform Guidance, 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: Keene Housing has not elected to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.
Keene Housing did not receive any noncash Federal assistance for the year ended December 31, 2023.
Title: OUTSTANDING CDBG LOANS
Accounting Policies: BASIS OF ACCOUNTING
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Keene Housing 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the principles contained in the Uniform Guidance, 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: Keene Housing has not elected to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.
Keene Housing has outstanding CDBG loans with continuing compliance requirements. The loans will be forgiven at the end of the compliance period. Keene Housing recognizes an annual forgiveness ($35,670) over the life of the compliance period. The outstanding loan balances as of December 31, 2023 was $509,550.