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 OMB Circular A-122, Cost Principles for Nonprofit Organizations or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: SBCS Corporation has elected not to use the 10 percent de minimus indirect cost rate as allowed under Uniform Guidance.
THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (THE SCHEDULE) INCLUDES THE FEDERAL AWARD ACTIVITY OF SBCS CORPORATION 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 SBCS CORPORATION, IT IS NOT INTENDED TO AND DOES NOT PRESENT THE FINANCIAL POSITION, CHANGES IN NET ASSETS, OR CASH FLOWS OF SBCS CORPORATION.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the OMB Circular A-122, Cost Principles for Nonprofit Organizations or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: SBCS Corporation has elected not to use the 10 percent de minimus indirect cost rate as allowed under Uniform Guidance.
EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE OMB CIRCULAR A-122, COST PRINCIPLES FOR NONPROFIT ORGANIZATIONS OR THE COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWAVLE OR ARE LIMITED AS TO REIMBURSEMENT. PASS-THROUGH ENTITY IDENTIFYING NUMBERS ARE PRESENTED WHERE AVAILABLE.
Title: Loan Program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the OMB Circular A-122, Cost Principles for Nonprofit Organizations or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: SBCS Corporation has elected not to use the 10 percent de minimus indirect cost rate as allowed under Uniform Guidance.
THE FOLLOWING IS THE ACTIVITY OF THE LOANS PAYABLE FOR THE YEAR ENDED JUNE 30, 2024: ASSISTANCE LISTING NUMBER 14.218, PROGRAM NAME: COMMUNITY DEVELOPMENT BLOCK GRANTS/ENTITLEMENT GRANTS CITY OF CHULA VISTA, LOAN OUTSTANDING AT JUNE 30,2023: $370,207, LOANS AWARDED FOR THE YEAR ENDED JUNE 30, 2024: $0, LOAN PRINCIPAL REPAID FOR THE YEAR ENDED JUNE 30, 2024: $0, LOAN OUSTANDING AT JUNE 30, 2024: $370,207. ASSISTANCE LISTING NUMBER: 14.239, PROGRAM NAME: HOME INVESTMENT PARTNERSHIPS PROGRAM: CITY OF CHULA VISTA, LOAN OUTSTANDING AT JUNE 30, 2023: $1,652,276, LOANS AWARDED FOR THE YEAR ENDED JUNE 30, 2024: $0, LOAN PRINCIPLE REPAID FOR THE YEAR ENDED JUNE 30, 2024: $0, LOAN OUTSTANDING AT THE JUNE 30, 2024: $1,652,276. ASSISTANCE LIVING NUMBER: 14.239, PROGRAM NAME: HOME INVESTMENT PARTNERSHIPS PROGRAM: COUNTY OF SAN DIEGO, LOAN OUTSTANDING AT JUNE 30, 2023: $1,206,616, LOANS AWARDED FOR THE YEAR ENDED JUNE 30, 2024: $0, LOAN PRINCIPLE REPAID FOR THE YEAR ENDED JUNE 30, 2024: $0, LOAN OUTSTANDING AT JUNE 30, 2024: $1,206,616. ASSISTANCE LISTING NUMBER: 14.239, PROGRAM NAME: HOME INVESTMENT PARTNERSHIPS PROGRAM: SAN DIEGO COUNTY DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT, LOAN OUTSTANDING AT JUNE 30, 2023: $490,934, LOANS AWARDED FOR THE YEAR ENDED JUNE 30, 2024: $0, LOAN PRINCIPAL REPAID FOR THE YEAR ENDED JUNE 30, 2024: $0, LOAN OUSTANDING AT JUNE 30, 2024: $490,934. ASSISTANCE LISTING NUMBER: 14.241, PROGRAM NAME: HOUSING OPPORTUNITIES FOR PERSONS WITH AIDS: COUNTY OF SAN DIEGO, LOAN OUTSTANDING AT JUNE 30, 2023: $600,00, LOANS AWARDED FOR THE YEAR ENDED JUNE 30, 2024: $0, LOAN PRINCIPLE REPAID FOR THE YEAR ENDED JUNE 30, 2024: $0, LOAN OUTSTANDING AT JUNE 30, 2024: $600,000.