Notes to SEFA
Title: 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, if any, shown on 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 Organization has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance and does not utilize an indirect cost rate for its federal award programs.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of OneHolyoke Community Development Corporation under programs of the federal government for the year ended June 30, 2022. 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). Because the Schedule presents only a selected portion of the operations of OneHolyoke Community Development Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of OneHolyoke Community Development Corporation.
Title: Pass-through agencies
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, if any, shown on 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 Organization has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance and does not utilize an indirect cost rate for its federal award programs.
Expenditures of federal awards for funds passed through agencies are based on information provided by the City of Holyoke Office of Community Development.
Title: Rental neighborhood improvement program
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, if any, shown on 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 Organization has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance and does not utilize an indirect cost rate for its federal award programs.
Rental Neighborhood Improvement Program represents federal funds received in the past that established a revolving loan fund and grant awards for program purposes. The federal expenditures included in this schedule consist of the balance as of July 1, 2021 of the outstanding note receivable balance from recipients totaling $679,192 (before $20,000 allowance for doubtful accounts) and the cash balance of $162,084. As of June 30, 2022, the loan balance was $504,198 (before $20,000 allowance for doubtful accounts) and the ending cash balance was $236,541.
Title: Subrecipients:
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, if any, shown on 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 Organization has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance and does not utilize an indirect cost rate for its federal award programs.
There are no subrecipients.