Title: Note 1 – Basis of Presentation
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Assistance Listing Numbers (ALN) are provided when available.
De Minimis Rate Used: N
Rate Explanation: The Organization elected not to use the 10% de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the expenditures of Homewise, Inc. (Homewise) under programs of the federal government for the year ended March 31, 2024. 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. Therefore, some amounts presented in the Schedule may differ from amounts presented in or used in the preparation of the consolidated financial statements. Because the Schedule presents only a selected portion of the operations of Homewise, it is not intended to and does not present the financial position, changes in net assets, functional expenses or cash flows of Homewise, Inc.
Title: Note 2 – Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Assistance Listing Numbers (ALN) are provided when available.
De Minimis Rate Used: N
Rate Explanation: The Organization 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 cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Federal Assistance Listing
Numbers (ALN) are provided when available.
The Organization elected not to use the 10% de minimis indirect cost rate.
Title: Note 3 – Loans and Loan Guarantees
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Assistance Listing Numbers (ALN) are provided when available.
De Minimis Rate Used: N
Rate Explanation: The Organization elected not to use the 10% de minimis indirect cost rate.
In accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements of Federal Awards, Homewise discloses loans
and loans guarantees. The reported amount includes new loans made during the year, plus prior year loans for which the federal government imposes continuing compliance requirements. Accordingly, the total expenditures per the Schedule of Expenditures of Federal Awards is adjusted as follows:
2024
Total 2024 expenditures per the Schedule of Expenditures of Federal Awards
(the Schedule) $ 6,378,612
Loans and loan guarantees (ending balance March 31, 2023):
Capital Magnet Fund (ALN #21.011) 5,533,142
CDFI Financial Assistance (ALN #21.020) 1,338,787
CDFI Rapid Response Program (ALN #21.024) 1,756,997
CDFI Bond Guarantee Program (ALN #21.014) 13,597,031
Adjusted total expenditures per the Schedule $ 28,604,568
Title: Note 4 – CDFI Capital Magnet Fund
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Assistance Listing Numbers (ALN) are provided when available.
De Minimis Rate Used: N
Rate Explanation: The Organization elected not to use the 10% de minimis indirect cost rate.
Loans outstanding at the beginning of the year and expenditures made during the year are included in the federal expenditures presented in the schedule. The balance of loans outstanding at March 31, 2024,
consists of:
Beginning balance, March 31, 2023 $ 5,337,218
Loans deployed 524,287
Less principal payments ( 27,550)
Ending balance, March 31, 2024 $ 5,833,955
Title: Note 5 – CDFI Financial Assistance
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Assistance Listing Numbers (ALN) are provided when available.
De Minimis Rate Used: N
Rate Explanation: The Organization elected not to use the 10% de minimis indirect cost rate.
Loans outstanding at the beginning of the year and expenditures made during the year are included in the federal expenditures presented in the schedule. The balance of loans outstanding at March 31, 2024,
consists of:
Beginning balance, March 31, 2023 $ 1,338,787
Loans deployed -
Less principal payments ( 13,838)
Ending balance, March 31, 2024 $ 1,324,949
Title: Note 6 – CDFI Rapid Response Program
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Assistance Listing Numbers (ALN) are provided when available.
De Minimis Rate Used: N
Rate Explanation: The Organization elected not to use the 10% de minimis indirect cost rate.
Loans outstanding at the beginning of the year and expenditures made during the year are included in the federal expenditures presented in the schedule. The balance of loans outstanding at March 31, 2024,
consists of:
Beginning balance, March 31, 2023 $ 1,756,997
Loans deployed -
Less principal payments ( 141,415)
Ending balance, March 31, 2024 $ 1,615,582
Title: Note 7 – CDFI Bond Guarantee Program
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Assistance Listing Numbers (ALN) are provided when available.
De Minimis Rate Used: N
Rate Explanation: The Organization elected not to use the 10% de minimis indirect cost rate.
Bonds outstanding at the beginning of the year and bond funding drawn during the year are included in the federal expenditures presented in the schedule. The balance of bonds outstanding at March 31, 2024,
consists of:
Beginning balance, March 31, 2023 $ 13,597,031
Loans deployed -
Less principal payments ( 395,203)
Ending balance, March 31, 2024 $ 13,201,828
Title: Note 8 – CDFI Equitable Recovery Program
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Assistance Listing Numbers (ALN) are provided when available.
De Minimis Rate Used: N
Rate Explanation: The Organization elected not to use the 10% de minimis indirect cost rate.
Loans outstanding at the beginning of the year and expenditures made during the year are included in the federal expenditures presented in the schedule. The balance of loans outstanding at March 31, 2024,
consists of:
Beginning balance, March 31, 2023 $ -
Loans deployed 2,478,839
Less principal payments ( 3,365)
Ending balance, March 31, 2024 $ 2,475,474