Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein some types of expenditures are not allowable or are limited as to reimbursement.Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization does not use the 10% de minimis indirect rate allowed in the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of The Housing Partnership, Inc. and Subsidiaries (collectively the "Organization") under programs of the federal government for the year ended June 30, 2023. The information in this schedule is presented in accordance with the requirements of Title 2 United States Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards ("Uniform Guidance"). Because the schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: Subsequent Event
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein some types of expenditures are not allowable or are limited as to reimbursement.Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization does not use the 10% de minimis indirect rate allowed in the Uniform Guidance.
During the year ended June 30, 2023, the Organization expended $1,131,448 of the Capital Magnet Fund grant (see the accompanying schedule of expenditures of federal awards). Through the date of the Independent Auditor’s Report, the Organization has committed the full $2,000,000 Capital Magnet Fund grant pursuant to 12 C.F.R. 1807.501(b) of the Capital Magnet Fund Regulations set forth in 12 C.F.R. Part 1807 per the waiver of general applicability as published in the Federal Register on July 18, 2018.