Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: The information in the Schedule is presented on the accrual basis of accounting, in accordance with accounting principles generally accepted in the United States of America. The information in the Schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: Habitat elected not to use the option of the 10% de minimis indirect cost rate covered in 2 U.S. Code of Federal Regulations Part 200, Subpart E, Cost Principles.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) summarizes the expenditures of Habitat and its subsidiaries under programs of the federal government for the year ended June 30, 2024. Because the Schedule presents only a select portion of the operations of Habitat and its subsidiaries, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of Habitat and its subsidiaries.
Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: The information in the Schedule is presented on the accrual basis of accounting, in accordance with accounting principles generally accepted in the United States of America. The information in the Schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: Habitat elected not to use the option of the 10% de minimis indirect cost rate covered in 2 U.S. Code of Federal Regulations Part 200, Subpart E, Cost Principles.
For purposes of preparing the Schedule, federal awards include all grants and subgrant agreements entered into directly between Habitat and U.S. federal agencies and departments, as well as from not-for-profits for which Habitat is a sub-recipient, if any.
Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: The information in the Schedule is presented on the accrual basis of accounting, in accordance with accounting principles generally accepted in the United States of America. The information in the Schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: Habitat elected not to use the option of the 10% de minimis indirect cost rate covered in 2 U.S. Code of Federal Regulations Part 200, Subpart E, Cost Principles.
The information in the Schedule is presented on the accrual basis of accounting, in accordance with accounting principles generally accepted in the United States of America. The information in the Schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards.
Title: NOTE 2 - INDIRECT COST RATE
Accounting Policies: The information in the Schedule is presented on the accrual basis of accounting, in accordance with accounting principles generally accepted in the United States of America. The information in the Schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: Habitat elected not to use the option of the 10% de minimis indirect cost rate covered in 2 U.S. Code of Federal Regulations Part 200, Subpart E, Cost Principles.
Habitat elected not to use the option of the 10% de minimis indirect cost rate covered in 2 U.S. Code of Federal Regulations Part 200, Subpart E, Cost Principles.
Title: NOTE 3 - LOANS AND GRANTS WITH CONTINUING COMPLIANCE REQUIREMENTS
Accounting Policies: The information in the Schedule is presented on the accrual basis of accounting, in accordance with accounting principles generally accepted in the United States of America. The information in the Schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: Habitat elected not to use the option of the 10% de minimis indirect cost rate covered in 2 U.S. Code of Federal Regulations Part 200, Subpart E, Cost Principles.
Habitat and its Community Development Financial Institution subsidiary, Habitat Capital, has received grants from the US Department of the Treasury which provides for a number of allowable uses including loan capital, capitalized revolving loan fund, loan loss reserves, and administrative costs, among others. As
of June 30, 2024, $6,809,000 has been used as Capitalized Revolving Loan Fund, and $1,363,000 has been used for loan loss reserves. There are $3,749,000 remaining funds for future allowable uses.
Title: NOTE 4 - CONTINGENCIES
Accounting Policies: The information in the Schedule is presented on the accrual basis of accounting, in accordance with accounting principles generally accepted in the United States of America. The information in the Schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: Habitat elected not to use the option of the 10% de minimis indirect cost rate covered in 2 U.S. Code of Federal Regulations Part 200, Subpart E, Cost Principles.
Habitat’s federal programs are subject to financial and compliance audits by grantor agencies, which, if instances of material noncompliance are identified, may result in disallowed expenditures and affect Habitat’s continued participation in specific programs. The amount, if any, of expenditures that may be
disallowed by grantor agencies cannot be determined at this time, although Habitat expects such amounts, if any, to be immaterial.