Title: Outstanding Loan
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Downriver Community Services, Inc. (d/b/a Community First Health Centers) and is presented using the accrual basis of accounting. 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. The expenditures in the Schedule of Expenditures of Federal Awards are in agreement with the amounts reported in the financial statements and reports submitted to the Department of Health and Human Services. Although some grant awards are for different periods than the Center's fiscal year, all expenditures in the schedule are for the year ended May 31, 2024.
De Minimis Rate Used: N
Rate Explanation: Downriver Community Services, Inc. (d/b/a Community First Health Centers) has not elected to use the 10% de minimis indirect costs rate.
The amount expended under AL 10.766, Community Facilities Loans and Grants, represents the beginning loan balance of a U.S. Department of Agriculture loan agreement. The loan had outstanding prinicipal balance of $3,430,930 as of May 31, 2024. The Center is required to establish over a ten-year period, a restricted reserve equal to one year's payment amounting to $244,451. At May 31, 2024, the reserve account balance of $244,451 equals the required reserve amount and is reported as restricted cash in the statement of financial position.
Title: Subrecipients
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Downriver Community Services, Inc. (d/b/a Community First Health Centers) and is presented using the accrual basis of accounting. 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. The expenditures in the Schedule of Expenditures of Federal Awards are in agreement with the amounts reported in the financial statements and reports submitted to the Department of Health and Human Services. Although some grant awards are for different periods than the Center's fiscal year, all expenditures in the schedule are for the year ended May 31, 2024.
De Minimis Rate Used: N
Rate Explanation: Downriver Community Services, Inc. (d/b/a Community First Health Centers) has not elected to use the 10% de minimis indirect costs rate.
No amounts were provided to subrecipients.
Title: Reconciliation of Federal Awards
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Downriver Community Services, Inc. (d/b/a Community First Health Centers) and is presented using the accrual basis of accounting. 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. The expenditures in the Schedule of Expenditures of Federal Awards are in agreement with the amounts reported in the financial statements and reports submitted to the Department of Health and Human Services. Although some grant awards are for different periods than the Center's fiscal year, all expenditures in the schedule are for the year ended May 31, 2024.
De Minimis Rate Used: N
Rate Explanation: Downriver Community Services, Inc. (d/b/a Community First Health Centers) has not elected to use the 10% de minimis indirect costs rate.
Federal awards revenue for the year ended May 31, 2024 is reported as follows: Expenditures per schedule of expenditures of federal awards $7,394,670. Community Facilities Loans and Grants (AL# 10.766) Represents the beginning loan balance of loan agreement with U.S. Department of Agriculture. $(3,531,499). Federal grants per statement of activities $3,863,171.