Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying Schedule is presented using 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. The amounts reported on this Schedule may differ from certain financial reports submitted to federal or state funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting. Direct award and pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Corporation does not have a federally negotiated indirect cost rate nor has it elected to use the 10% de minimis cost rate as covered in section 200.414 in the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) presents the activity of all financial assistance programs of Community Options, Inc. and Affiliates (the “Corporation”) 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 Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation. All financial assistance received directly from federal agencies as well as federal awards passed through other governmental agencies or non-profit organizations are included in the schedule of expenditures of federal awards and state financial assistance.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: The accompanying Schedule is presented using 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. The amounts reported on this Schedule may differ from certain financial reports submitted to federal or state funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting. Direct award and pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Corporation does not have a federally negotiated indirect cost rate nor has it elected to use the 10% de minimis cost rate as covered in section 200.414 in the Uniform Guidance.
The Corporation received pass-through U.S. Department of Housing and Urban Development HOME Investment Partnerships program loans from Middlesex County, New Jersey. The loan balance included as federal expenditures is the balance of the loans received during the year ended June 30, 2024. The balance of the loans outstanding at June 30, 2024 was $439,595.