Notes to SEFA
Title: NOTE A—BASIS OF PRESENTATION
Accounting Policies: BASIS OF PRESENTATION
De Minimis Rate Used: N
Rate Explanation: NOT USED
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Home Ownership for Personal Empowerment Inc. 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, it is not intended to and does not present the financial position, changes in net assets, or cash flows.
Title: NOTE B—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: BASIS OF PRESENTATION
De Minimis Rate Used: N
Rate Explanation: NOT USED
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.