Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenses reported on the Schedule are reported on the accrual basis of accounting. Such expenses are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, wherein certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Organization elected to use the 10% de minimis indirect cost rate as covered in 2 CFR §200.414.
The amounts shown as current year expenses represent only the (federal/state/local) grant portion of the program costs. Entire program costs, including TLCS’ portion, may be more than shown.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Organization under programs of the federal government for the year ended June 30, 2024. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of TLCS’ operations, it is not intended to be and does not present the financial position, changes in net position, or cash flows of the Organization.
Title: Loan Programs
Accounting Policies: Expenses reported on the Schedule are reported on the accrual basis of accounting. Such expenses are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, wherein certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Organization elected to use the 10% de minimis indirect cost rate as covered in 2 CFR §200.414.
The amounts shown as current year expenses represent only the (federal/state/local) grant portion of the program costs. Entire program costs, including TLCS’ portion, may be more than shown.
The outstanding balances of loan programs were as follows:
Supportive Housing for Persons with Disabilities, Federal CFDA Number: 14.181, outstanding loan balance: $3,484,200.
HOME Investment Partnerships Program, Federal CFDA Number: 14.239, outstanding loan balance: $630,874.
Title: Noncash Awards
Accounting Policies: Expenses reported on the Schedule are reported on the accrual basis of accounting. Such expenses are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, wherein certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Organization elected to use the 10% de minimis indirect cost rate as covered in 2 CFR §200.414.
The amounts shown as current year expenses represent only the (federal/state/local) grant portion of the program costs. Entire program costs, including TLCS’ portion, may be more than shown.
No noncash awards existed in the current year.