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.
In accordance with the provisions of the Capital Magnet Fund Agreements, previously spent federal expenditures can be returned to Mission First Housing Development Corporation to reuse. Initial recipients of funding provided by Mission First Housing Development Corporation are able to seek alternate funding in order to provide for this reimbursement. Funds are then expended in accordance with the grant agreement. During 2024, $809,650 was received by Mission First Housing Development Corporation through reimbursement.
The following is a schedule of reimbursements received by Mission First Housing Development Corporation by pass-through entity identifying number in 2024: Pass-Through Entity Identifying Number - 181CM050475, Amount - $0; Pass-Through Entity Identifying Number - 191CM053349, Amount - $151,945 ; Pass-Through Entity Identifying Number - 201CM055270, Amount - $510,389; Pass-Through Entity Identifying Number - 231CM062510, Amount - $14,316; Total - $809,650.
De Minimis Rate Used: N
Rate Explanation: Mission First Housing Development Corporation 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 Mission First Housing Development Corporation (the Organization) 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). All awards received directly from federal agencies as well as federal awards passed through governmental agencies or not-for-profit organizations are required to be shown as expenditures are included on the Schedule. Because the Schedule presents only a selected portion of the operations of Mission First Housing Development Corporation, it is not intended and does not present the financial position, changes in net assets, or cash flows of Mission First Housing Development Corporation.
Title: Relationship to Consolidated Financial Statements
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.
In accordance with the provisions of the Capital Magnet Fund Agreements, previously spent federal expenditures can be returned to Mission First Housing Development Corporation to reuse. Initial recipients of funding provided by Mission First Housing Development Corporation are able to seek alternate funding in order to provide for this reimbursement. Funds are then expended in accordance with the grant agreement. During 2024, $809,650 was received by Mission First Housing Development Corporation through reimbursement.
The following is a schedule of reimbursements received by Mission First Housing Development Corporation by pass-through entity identifying number in 2024: Pass-Through Entity Identifying Number - 181CM050475, Amount - $0; Pass-Through Entity Identifying Number - 191CM053349, Amount - $151,945 ; Pass-Through Entity Identifying Number - 201CM055270, Amount - $510,389; Pass-Through Entity Identifying Number - 231CM062510, Amount - $14,316; Total - $809,650.
De Minimis Rate Used: N
Rate Explanation: Mission First Housing Development Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Federal award expenditures are reported in the consolidated financial statements. In certain programs, the expenditures reported in the consolidated financial statements may differ from the expenditures reported in the Schedule, because the latter represents only the expenditures of Mission First Housing Development Corporation and not its consolidating subsidiaries and because not all expenditures are required to be reported on the schedule of expenditures of federal awards. The consolidated financial statements are prepared under accounting principles generally accepted in the United States of America.
Title: Federal Award Expenditures Passed Through to Subrecipients
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.
In accordance with the provisions of the Capital Magnet Fund Agreements, previously spent federal expenditures can be returned to Mission First Housing Development Corporation to reuse. Initial recipients of funding provided by Mission First Housing Development Corporation are able to seek alternate funding in order to provide for this reimbursement. Funds are then expended in accordance with the grant agreement. During 2024, $809,650 was received by Mission First Housing Development Corporation through reimbursement.
The following is a schedule of reimbursements received by Mission First Housing Development Corporation by pass-through entity identifying number in 2024: Pass-Through Entity Identifying Number - 181CM050475, Amount - $0; Pass-Through Entity Identifying Number - 191CM053349, Amount - $151,945 ; Pass-Through Entity Identifying Number - 201CM055270, Amount - $510,389; Pass-Through Entity Identifying Number - 231CM062510, Amount - $14,316; Total - $809,650.
De Minimis Rate Used: N
Rate Explanation: Mission First Housing Development Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Mission First Housing Development Corporation did not pass through any federal awards to subrecipients during the year ended June 30, 2024.