Title: Summary of Significant Accounting Policies
Accounting Policies: All Federal grant operations of Neighborhood Impact Investment Fund, Inc. (NIIF) are
included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(the Single Audit). The Single Audit was performed in accordance with the provisions of the
Office of Management and Budget (OMB) Compliance Supplement (the Compliance
Supplement). Compliance testing of all requirements, as described in the Compliance
Supplement, was performed for the major grant program noted below. The program on the
schedule of expenditures of Federal awards (the Schedule) represents all Federal award
program with fiscal year 2024, cash or non-cash expenditure activities and loans made with
Federal awards. For Single Audit testing, we tested to ensure coverage of at least 40% of
Federally granted funds. Actual coverage is 100%. The major program tested is listed below.
Major Federal Program
Federal
Assistance
Listing
Federal
Expenditures
CDFI Equitable Recovery Program (CDFI ERP) 21.033 $ 4,957,678
Expenditures reported on the Schedule are reported in accordance with the cost principles
contained in the Single Audit, wherein certain types of expenditures are not allowable or are
limited as to reimbursement
De Minimis Rate Used: N
Rate Explanation: NIIF elected not to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance.
All Federal grant operations of Neighborhood Impact Investment Fund, Inc. (NIIF) are included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit). The Single Audit was performed in accordance with the provisions of the Office of Management and Budget (OMB) Compliance Supplement (the Compliance Supplement). Compliance testing of all requirements, as described in the Compliance Supplement, was performed for the major grant program noted below. The program on the schedule of expenditures of Federal awards (the Schedule) represents all Federal award program with fiscal year 2024, cash or non-cash expenditure activities and loans made with Federal awards. For Single Audit testing, we tested to ensure coverage of at least 40% of Federally granted funds. Actual coverage is 100%. The major program tested is listed below. Expenditures reported on the Schedule are reported in accordance with the cost principles contained in the Single Audit, wherein certain types of expenditures are not allowable or are limited as to reimbursement. NIIF has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Basis of Presentation
Accounting Policies: All Federal grant operations of Neighborhood Impact Investment Fund, Inc. (NIIF) are
included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(the Single Audit). The Single Audit was performed in accordance with the provisions of the
Office of Management and Budget (OMB) Compliance Supplement (the Compliance
Supplement). Compliance testing of all requirements, as described in the Compliance
Supplement, was performed for the major grant program noted below. The program on the
schedule of expenditures of Federal awards (the Schedule) represents all Federal award
program with fiscal year 2024, cash or non-cash expenditure activities and loans made with
Federal awards. For Single Audit testing, we tested to ensure coverage of at least 40% of
Federally granted funds. Actual coverage is 100%. The major program tested is listed below.
Major Federal Program
Federal
Assistance
Listing
Federal
Expenditures
CDFI Equitable Recovery Program (CDFI ERP) 21.033 $ 4,957,678
Expenditures reported on the Schedule are reported in accordance with the cost principles
contained in the Single Audit, wherein certain types of expenditures are not allowable or are
limited as to reimbursement
De Minimis Rate Used: N
Rate Explanation: NIIF elected not to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance.
The accompanying Schedule includes the Federal award activity of NIIF and is presented on the accrual basis of accounting.
Title: Loans Receivable
Accounting Policies: All Federal grant operations of Neighborhood Impact Investment Fund, Inc. (NIIF) are
included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(the Single Audit). The Single Audit was performed in accordance with the provisions of the
Office of Management and Budget (OMB) Compliance Supplement (the Compliance
Supplement). Compliance testing of all requirements, as described in the Compliance
Supplement, was performed for the major grant program noted below. The program on the
schedule of expenditures of Federal awards (the Schedule) represents all Federal award
program with fiscal year 2024, cash or non-cash expenditure activities and loans made with
Federal awards. For Single Audit testing, we tested to ensure coverage of at least 40% of
Federally granted funds. Actual coverage is 100%. The major program tested is listed below.
Major Federal Program
Federal
Assistance
Listing
Federal
Expenditures
CDFI Equitable Recovery Program (CDFI ERP) 21.033 $ 4,957,678
Expenditures reported on the Schedule are reported in accordance with the cost principles
contained in the Single Audit, wherein certain types of expenditures are not allowable or are
limited as to reimbursement
De Minimis Rate Used: N
Rate Explanation: NIIF elected not to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance.
During the year ended June 30, 2024, NIIF processed $4,957,678 of new loans under the CDFI Equitable Recovery Program. There is no balance of loans from previous years.