Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. NWHS has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Neighborhood Housing Services of the South Shore, Inc. d/b/a NeighborWorks Housing Solutions and subsidiaries (NWHS) 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, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of NWHS, it is not intended to and does not present the financial position, changes in net assets or cash flows of NWHS.
Title: Loan and Guarantee Assistance
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. NWHS has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Community Development Block Grants/Entitlement Grants (CFDA #14.218) The Community Development Block Grant loans, which were received in a prior fiscal year, are included on the Schedule at their outstanding balances as of July 1, 2023, plus additional proceeds received during the year, as they include continuing compliance requirements. During 2024, no additional proceeds were received, payments totaling $23,912 were made and no amounts were released from its affordable housing restrictions from the funding agency. At June 30, 2024, the loan balance was $490,881. Housing Investment Partnerships Program (CFDA #14.239) The Housing Investment Partnerships Program loans, which were received in a prior fiscal year, are included on the Schedule at their outstanding balances as of July 1, 2023, plus additional proceeds received during the year, as they include continuing compliance requirements. During 2024, additional proceeds of $388,406 were received and no payments were made. At June 30, 2024, the loan balance was $7,098,842.