Title: 1. Basis of Presentation
Accounting Policies: Expenditures reported on the SEFA 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.
De Minimis Rate Used: N
Rate Explanation: The Organization records its expenditures of federal awards using a direct cost methodology, and therefore does not record indirect costs for its federal award programs. In this manner, the Organization has elected not to use the 10% de minimis indirect cost rate, as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal award activity of the Organization under the programs of the federal government for the year ended June 30, 2024. The information in the SEFA 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 SEFA 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: 2. Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the SEFA 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.
De Minimis Rate Used: N
Rate Explanation: The Organization records its expenditures of federal awards using a direct cost methodology, and therefore does not record indirect costs for its federal award programs. In this manner, the Organization has elected not to use the 10% de minimis indirect cost rate, as allowed under the Uniform Guidance.
Expenditures reported on the SEFA 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.
Title: 3. Indirect Cost Rate
Accounting Policies: Expenditures reported on the SEFA 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.
De Minimis Rate Used: N
Rate Explanation: The Organization records its expenditures of federal awards using a direct cost methodology, and therefore does not record indirect costs for its federal award programs. In this manner, the Organization has elected not to use the 10% de minimis indirect cost rate, as allowed under the Uniform Guidance.
The Organization records its expenditures of federal awards using a direct cost methodology, and therefore does not record indirect costs for its federal award programs. In this manner, the Organization has elected not to use the 10% de minimis indirect cost rate, as allowed under the Uniform Guidance.
Title: 4. Loan Assistance Programs
Accounting Policies: Expenditures reported on the SEFA 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.
De Minimis Rate Used: N
Rate Explanation: The Organization records its expenditures of federal awards using a direct cost methodology, and therefore does not record indirect costs for its federal award programs. In this manner, the Organization has elected not to use the 10% de minimis indirect cost rate, as allowed under the Uniform Guidance.
The Organization receives loan assistance from the Fairfax County Redevelopment Authority through Department of Housing and Urban Development (HUD) programs. Under certain programs, funds are loaned to the Organization for affordable housing acquisition assistance. Total funds received under this loan assistance program were $452,132 for the year ended June 30, 2024, and are included within amounts shown in the accompanying SEFA as Community Development Block Grants and Home Investment Partnerships Program. As of June 30, 2024, the Organization had outstanding loan obligations as shown in the table below.
The above amounts include the cumulative, outstanding loan proceeds as shown on the SEFA as of June 30, 2024. These amounts may be forgiven if certain conditions are met based on the Organization’s continued compliance with specified grant requirements, and are included as forgivable loans in the accompanying statements of financial position.