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 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: Community Bridges, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of Community Bridges, Inc. under programs of the federal government for the year ended September 30, 2023. The information in the 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 (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of Community Bridges, Inc., it is not intended to and does not present the consolidated financial position, change in net assets or cash flows of Community Bridges, Inc. Community Bridges, Inc. did not provide federal awards to sub-recipients during the year ended September 30, 2023.
Title: Loan Programs
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 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: Community Bridges, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Community Bridges, Inc. had the following loan balances outstanding at September 30, 2023. Loans outstanding at the beginning of the year, as well as new loans established during the year ended September 30, 2023, are included in the federal expenditures presented in the accompanying Schedule of Expenditures of Federal Awards. The balance of loans outstanding at September 30, 2023 consists of: Federal Grantor/Pass-Through Agency/Program Federal Assistance Listing Numbers Contract/Pass-Through Number Value of Loan Outstanding U.S. Department of Housing and Urban Development: Passed through the City of Phoenix - COVID-19 - Community Development Block Grants/Entitlement Grants 14.218 S-47805 $4,000,000 U.S. Department of the Treasury: Passed through the City of Phoenix - COVID-19 - Coronavirus State and Local Fiscal Recovery Funds 21.027 158968—0 $12,500,000