Notes to SEFA
Title: Basis of presentation
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Federal Assistance Listing numbers (“AL No.”) are provided when available.
De Minimis Rate Used: N
Rate Explanation: The auditee elected not to use the 10% de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal expenditures of Avenue (a Texas non-profit public benefit corporation) and Subsidiaries ("Avenue") under programs of the federal government for the year ended December 31, 2023. The information in the Schedule is presented in accordance with the requirements of Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of the basic consolidated financial statements.
For purposes of the Schedule, federal awards include all sub awards to the Avenue by nonfederal organizations pursuant to federal grants, contracts and similar agreements.
Title: Outstanding federal loans
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Federal Assistance Listing numbers (“AL No.”) are provided when available.
De Minimis Rate Used: N
Rate Explanation: The auditee elected not to use the 10% de minimis indirect cost rate.
The following represents the amount of outstanding loans identified by AL No. All loans are provided by HUD and are included in the Schedule.
Prior year
loans with
continuing Total
AL compliance outstanding
No. Program title requirements loans
14.218 Community Development Block Grants $ 5,977,562 $ 5,977,562
14.218 Community Development Block Grants 1,500,000 1,500,000
14.218 Community Development Block Grants 9,090,000 9,090,000
14.218 Community Development Block Grants 1,650,000 1,650,000
14.239 HOME Investment Partnership Program Loan 3,000,000 3,000,000
Title: Significant accounting policies
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Federal Assistance Listing numbers (“AL No.”) are provided when available.
De Minimis Rate Used: N
Rate Explanation: The auditee elected not to use the 10% de minimis indirect cost rate.
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Federal Assistance Listing numbers (“AL No.”) are provided when available. The Avenue elected not to use the 10% de minimis indirect cost rate.