Notes to SEFA
Accounting Policies: NOTE 1- BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (the
Schedule) includes the federal award activity of Habitat under programs of
the federal government and is presented on the accrual basis of accounting
for the year ended June 30, 2024. The amounts reported as federal
expenditures were obtained from Habitat’s records. The information in the
Schedule 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). Because the Schedule presents only a selected portion
of the operations of Habitat, it is not intended to and does not present the
financial position, changes net assets or cash flows of Habitat. As a result,
some amounts presented in the Schedule may differ from amounts
presented in, or used in the preparation of the basic financial statements.
For purposes of the Schedule, federal awards include all grants, contracts,
and similar agreements entered into directly between Habitat and agencies
and departments of the federal government.
All of Habitat’s federal awards were in the form of cash assistance for the
year ended June 30, 2024.
NOTE 2- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the accrual basis of
accounting. Such expenditures are recognized following the cost principles
contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200,
Uniform Administrative Requirements, Costs Principles and Audit
Requirements for Federal Awards, wherein certain types of expenditures are
not allowable or are limited as to reimbursement.
Habitat has elected not to use the 10% de minimis indirect cost rate allowed
under the Uniform Guidance.
NOTE 3- SUBRECIPIENTS
During the year ended June 30, 2024, Habitat did not provide any awards
to subrecipients.
NOTE 4- COMMITMENTS AND CONTINGENCIES Habitat receives a portion of its revenue from U.S. Government funded
contracts and grants, which are subject to audit. The final determination of
amounts received under these programs is generally based upon allowable
costs reported to and subject to audit by supporting agencies. A contingency
exists for Habitat to refund any amounts received in excess of allowable
costs. Management believes that disallowed costs, if any, will be immaterial
to the financial statements.
NOTE 5- LOANS
During the year ended June 30, 2024, the Organization received two federal
awards in the form of loans totaling $950,000.
De Minimis Rate Used: N
Rate Explanation: Habitat has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.