Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying Schedule is presented using the accrual basis of accounting. Expenditures are recognized following the cost principles contained in the Uniform Guidance. The amounts reported in the Schedule as expenditures may differ from certain financial reports submitted to funding agencies on either a cash or a modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the activities of federal award programs of Making it Possible to End Homelessness, Inc. (the Organization) for the year ended June 30, 2024. The information in the 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 and does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: The accompanying Schedule is presented using the accrual basis of accounting. Expenditures are recognized following the cost principles contained in the Uniform Guidance. The amounts reported in the Schedule as expenditures may differ from certain financial reports submitted to funding agencies on either a cash or a modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization has received a U.S. Department of Housing and Urban Development loan. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Organization received no additional loans during the year. The balance of the loans outstanding at June 30, 2024, consists of: Assistance Listing Number 14.239, Program Name HOME Investment Partnerships Program, Outstanding Balance at June 30, 2024 $400,000