Notes to SEFA
Title: Loans Outstanding and Temporarily Restricted Grants
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal assistance activity of the Organization and is presented on 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 Organization's consolidated financial statements include the operations of 51-57 Beal's Street LLC which received $1,609,686 in Federal awards which is not included in the Organization's Schedule of Federal Award during the year ended June 30, 2024, since the component unit is not subject to Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis cost rate for its Federal programs.
The following programs' expenditures listed above include outstanding loan balances and temporarily restricted grant balances of $5,736,809 at June 30, 2024:
Supportive Housing for the Elderly 14.157 $1,228,582
Community Development Block Grants/Entitlement Grants 14.218 $1,300,487
Supportive Housing Program 14.235 $400,000
HOME Investment Partnerships Program 14.239 $2,807,740