Audit 341723

Title: LOANS OUTSTANDING Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of HomeFirst Services of Santa Clara County (the "Organization") 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 the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization. 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 limited as to reimbursement. Passthrough entity identifying numbers are presented where available and applicable. De Minimis Rate Used: N Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The Schedule includes loan balances as of the beginning of the period for loans which the Federal government imposes continuing compliance plus the value of new loans made or received during the year and any interest subsidy, cash, or administrative cost allowances received. The loan balances for loans included on the Schedule as of June 30, 2024 amounted to $6,235,162.