Title: Note 1 - Basis of presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable, 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: Positively Third Street HDFC has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal
awards activity of Positively Third Street HDFC, HUD Project No. 012-EE287, 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 Positively Third Street HDFC, it is not intended to and does not present the financial
position, changes in net assets, or cash flows of Positively Third Street HDFC. For the year ended
June 30, 2024, no awards were passed through to subrecipients.
Title: Note 2 - 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, as applicable, 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: Positively Third Street HDFC has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable, the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
Title: Note 3 - Indirect cost rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable, 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: Positively Third Street HDFC has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
Positively Third Street HDFC has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
Title: Note 4 - U.S. Department of Housing and Urban Development loan program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable, 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: Positively Third Street HDFC has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
Positively Third Street HDFC has received a U.S. Department of Housing and Urban Development direct
loan under Section 202 of the National Housing Act. The loan balance outstanding at the beginning
of the year is included in the federal expenditures presented in the Schedule. Positively Third
Street HDFC received no additional loans during the year. The balance of the loan outstanding at
June 30, 2024 consists of:
Assistance Listing
Number Program Name
Outstanding Balance
June 30, 2024
14.157 Supportive Housing for the Elderly
(Section 202 Direct Loan)
$ 8,186,700