Accounting Policies: Omaha Economic Development Corporation (OEDC) is a not-for-profit corporation
organized for the purpose of undertaking and encouraging housing and community
development activities in low-income areas in Omaha, Nebraska.
The Omaha Minority Community Development Fund (OMCDF) is a nonprofit
organization organized for the purpose of supporting activities which promote the
welfare of citizens residing in economically disadvantaged areas in Omaha, Nebraska
by helping them to become economically productive. OEDC is the sole member of
OMCDF. The members of OEDC’s Board of Directors are also members of
OMCDF’s Board. OEDC exercises control and has an economic interest in
OMCDF; therefore, OMCDF is required to be consolidated into OEDC’s financial
statements. Community Redevelopment Corporation, OEDC Kellom Plaza Development
Corporation, Kellom Villa Development Corporation, Villa De Sante I Development
Company, L.L.C., Ville De Sante II Development, L.L.C., Ville De Sante III
Development, L.L.C., Sixteenth Street Development, L.L.C., and Fair Deal
Development L.L.C. respectively, are the general partners of the following limited
partnerships: Ville De Sante II, Limited Partnership, Villa De Sante III Limited
Partnership, Sixteenth Street Limited Partnership, and Fair Deal Limited Partnership.
The limited partners of these entities are considered to have significant participating
rights. As a result, these entities have not been consolidated.
The consolidated financial statements include the accounts of OEDC and its wholly
owned subsidiaries, of which OEDC is the sole voting member: Community
Redevelopment Corporation, Kellom Gardens Development Corporation, Kelgard
LLC, Kellom Villa Development Corporation, OEDC Kellom Plaza Development
Corporation, Kellom Knolls Phase II Limited Partnership, Kellom East Limited
Partnership, Kellom North Limited Partnership, Hartman Limited Partnership, Villa
De Sante I Development Company, L.L.C., Ville De Sante II Development, L.L.C.,
Villa De Sante III Development L.L.C., Sixteenth Street Development, L.L.C., Fair
Deal Development L.L.C., Twenty Fourth & Hamilton L.L.C., Caldwell Limited
Partnership, Fair Deal Market L.L.C., The Omaha Minority Community
Development Fund. OEDC owns a 50% interest in Pilgrim/OEDC Development
Corporation as well. These entities, with the exception of Twenty Fourth and
Hamilton L.L.C., and The Omaha Minority Community Development Fund were
established to provide affordable housing to low-income individuals.
The above entities are either wholly owned subsidiaries of OEDC or OEDC can exert
significant control, adequate enough to require consolidation of the entity.
Accordingly, the above entities have been consolidated into OEDC’s financial
statements. Pilgrim/OEDC Development Corporation has a year end of September
30, 2023 and has been consolidated as of this date. Material intercompany
transactions and balances have been eliminated in the consolidated financial
statements.
2. Basis of AccountingThe schedule of expenditures of federal awards is presented on the accrual basis of
accounting.
3. Basis of Presentation
The accompanying schedule presents expenditures paid for each federal award
program in accordance with the Office of Management and Budget (OMB) Title 2
U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements,
Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Federal programs are reported as presented in the Catalog of Federal Domestic
Assistance (CFDA), whenever possible.
4. Contingencies
During the normal course of business, the Organization receives funds from the
United States Government for program services. Substantially all of these funds are
subject to future audit by various federal and state agencies, however, it is
management’s opinion that resulting adjustments, if any, would not have a material
effect upon the accompanying financial statements.
5. De Minimis Indirect Cost Rate
The Organization has elected to charge the 10% de minimis indirect cost rate to some
of its federal award programs.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to charge the 10% de minimis indirect cost rate to some of its federal award programs.