Notes to SEFA
Title: Subrecipients
Accounting Policies: The above Schedule of Expenditures of Federal Awards includes the Federal grant activity of Seventy-Five North Revitalization Corporation and Subsidiaries (the Corporation) and is presented on the accrual basis of accounting. This information 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).
De Minimis Rate Used: N
Rate Explanation: The Corporation did not elect to use the 10% de minimus indirect cost rate.
The Corporation passed through $147,642 of Choice Neighborhoods Implementation Grants to subrecipients.
Title: Loan
Accounting Policies: The above Schedule of Expenditures of Federal Awards includes the Federal grant activity of Seventy-Five North Revitalization Corporation and Subsidiaries (the Corporation) and is presented on the accrual basis of accounting. This information 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).
De Minimis Rate Used: N
Rate Explanation: The Corporation did not elect to use the 10% de minimus indirect cost rate.
The HOME Investment Partnerships Program is administered directly by the City of Omaha and the balance and transactions relating to the program are included in the Corporation's basic financial statements. The loan outstanding is included in the federal expenditures included in the Schedule. The balance of loans outstanding at December 31, 2023 consist of $797,694