Notes to SEFA
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of PHC 811, Inc. (Organization) under programs of the federal government for the year ended June 30, 2024. 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 the Organization, it is not intended to and does not present the financial position, changes in net assets, functional expenses, or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: The Organization uses a negotiated rate, approed by the granting agency, for each grant.
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. The Organization did not elect to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The Organization uses a negotiated rate, approved by the granting agency, for each grant.
Title: U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of PHC 811, Inc. (Organization) under programs of the federal government for the year ended June 30, 2024. 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 the Organization, it is not intended to and does not present the financial position, changes in net assets, functional expenses, or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: The Organization uses a negotiated rate, approed by the granting agency, for each grant.
The Organization has received loans funded by programs of the U.S. Department of Housing and Urban Development. The loan balances outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. Such balance has been included in net assets at June 30, 2024 as the loan was recorded as revenue in the year received. The Organization received no additional loans during the year ended June 30, 2024. The balance of the loans outstanding at June 30, 2024, are as follows: Assistance Listing Number: 14.181; Program Name: Supportive Housing for Persons with Disabilities (Section 811); Outstanding Balance: $1,247,900. Assistance Listing Number: 14.239; Program Name: HOME Investments Partnership Program; Outstanding Balance: $320,000.