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 and OMB Circular A-122, Cost
Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are
limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: NWGF has not elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
The schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of
Neighborhood Housing Services, Inc. of Great Falls dba NeighborWorks Great Falls (NWGF) under
programs of the federal government for the year ended September 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 selected portions of the Organization's operations,
it is not intended to and does not present the financial position, change in net assets, or cash flows for the
organization.
Title: NEIGHBORHOOD REINVESTMENT CORPORATION PUBLIC LAW 118-35 AND 118-42 US
DEPARTMENT OF TREASURY, NEIGHBORWORKS AMERICA FUNDING
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 and OMB Circular A-122, Cost
Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are
limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: NWGF has not elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
The Neighborhood Reinvestment Corporation, doing business as NeighborWorks America, is a
congressionally chartered nonprofit organization that receives direct federal appropriations. They have not
been issued an Assistance Listing Number (ALN) for federal appropriations. Public Law number 118.35 and
118.42 were issued for the appropriations awarded for the year ending September 30, 2024.
Title: COMMUNITY FRAMEWORKS SELF-HELP HOUSING OPPORTUNITY PROGRAM
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 and OMB Circular A-122, Cost
Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are
limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: NWGF has not elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
This financing arrangement is provided to NWGF by Community Frameworks to assist in the purchase of
land lots which ultimately are re-sold to qualifying families of the Self-Help program. When all units within
each loan pool have had homes constructed upon them that are occupied and approved by Community
Frameworks, the loans then become eligible for conversion.
Upon conversion, one third of the loan is forgiven and the remaining two thirds becomes a ten-year restricted
grant. At the end of the ten year restricted grant phase, the two thirds balance becomes unrestricted and
eligible for general use in operations. The Schedule reports loans in full that were used for the purchase of
real estate that has not been completely developed. At the end of the year there were 10 Community
Frameworks self-help housing opportunity loans outstanding to develop 50 lots. The $255,000 reported on
the SEFA has been reduced by $105,000 in loans eligible for conversion but not yet converted.
Title: SUB-RECIPIENTS
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 and OMB Circular A-122, Cost
Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are
limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: NWGF has not elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
No funds were passed through to sub-recipients.