Title: NOTE 1. BASIS OF PRESENTATION
Accounting Policies: The Schedule has been prepared on the accrual basis of accounting, which is the method of accounting used for the consolidated financial statements. Such expenditures are recognized following Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule present adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years and match amounts paid.
De Minimis Rate Used: N
Rate Explanation: HRDC has elected not to use the 10 percent de minimis indirect cost rate allowed under Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes federal award activity of HRDC 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a select portion of the operations of HRDC, it is not intended to, and does not present, the financial position, changes in net assets, or cash flows of HRDC.
Title: NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNT PRINCIPLES
Accounting Policies: The Schedule has been prepared on the accrual basis of accounting, which is the method of accounting used for the consolidated financial statements. Such expenditures are recognized following Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule present adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years and match amounts paid.
De Minimis Rate Used: N
Rate Explanation: HRDC has elected not to use the 10 percent de minimis indirect cost rate allowed under Uniform Guidance.
The Schedule has been prepared on the accrual basis of accounting, which is the method of accounting used for the consolidated financial statements. Such expenditures are recognized following Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule present adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years and match amounts paid.
Title: NOTE 3. INDIRECT COST RATE
Accounting Policies: The Schedule has been prepared on the accrual basis of accounting, which is the method of accounting used for the consolidated financial statements. Such expenditures are recognized following Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule present adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years and match amounts paid.
De Minimis Rate Used: N
Rate Explanation: HRDC has elected not to use the 10 percent de minimis indirect cost rate allowed under Uniform Guidance.
HRDC has elected not to use the 10 percent de minimis indirect cost rate allowed under Uniform Guidance.
Title: NOTE 4. MATCHING
Accounting Policies: The Schedule has been prepared on the accrual basis of accounting, which is the method of accounting used for the consolidated financial statements. Such expenditures are recognized following Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule present adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years and match amounts paid.
De Minimis Rate Used: N
Rate Explanation: HRDC has elected not to use the 10 percent de minimis indirect cost rate allowed under Uniform Guidance.
In accordance with the terms of the grants, HRDC has expended matching contributions during the year ended June 30, 2024, for the following programs:
Department of Health and Human Services:
Head Start $ 177,277
Retired and Senior Volunteer Program $ 50,449
Title: NOTE 5. LOAN AND LOAN GUARANTEES
Accounting Policies: The Schedule has been prepared on the accrual basis of accounting, which is the method of accounting used for the consolidated financial statements. Such expenditures are recognized following Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule present adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years and match amounts paid.
De Minimis Rate Used: N
Rate Explanation: HRDC has elected not to use the 10 percent de minimis indirect cost rate allowed under Uniform Guidance.
HRDC has one direct loan guaranteed by the U.S. Department of Housing, Assistance Listing No. 14.181, with a balance of $438,100 at June 30, 2024.