Title: Basis of preparation
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 the Uniform Guidance and/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: PPEP Microbusiness and 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 federal award activity of PPEP Microbusiness and Housing Development Corporation 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 of PPEP Microbusiness and Housing Development Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of PPEP Microbusiness and Housing Development Corporation.
Title: Other contracts
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 the Uniform Guidance and/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: PPEP Microbusiness and Housing Development Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
In the event that the grantor was either unable to or did not confirm the source of federal funds all amounts were assumed to be federal for purposes of the schedule of expenditures of federal awards.
Title: Major programs
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 the Uniform Guidance and/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: PPEP Microbusiness and Housing Development Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Major programs are identified in the Summary of Auditor's Results section of the Schedule of Findings and Questioned Costs.
Title: Classification of federal awards
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 the Uniform Guidance and/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: PPEP Microbusiness and Housing Development Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
For purposes of classifying federal awards as either Type A or Type B, the following ALN numbers were considered to be clusters: Economic Development Cluster – Assistance Listing Numbers 11.300 and 11.307; Section 8 Project-Based Cluster – Assistance Listing Numbers 14.195, 14.249, 14.856.
Title: Government loans
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 the Uniform Guidance and/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: PPEP Microbusiness and Housing Development Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
PMHDC has outstanding loans at June 30, 2024 with the following governmental departments: See the Notes to the SEFA for chart/table.
Title: Program income
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 the Uniform Guidance and/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: PPEP Microbusiness and Housing Development Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Agency had program income from the following sources during the year ended June 30, 2024: See the Notes to the SEFA for chart/table.
Title: Economic Adjustment Assistance (EAA) – ALN 11.307
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 the Uniform Guidance and/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: PPEP Microbusiness and Housing Development Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The following data was utilized in order to determine the federal assistance amount for this program: See the Notes to the SEFA for chart/table.
Title: Reconciliation of schedule of expenditures of Federal awards to Statement of Activities
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 the Uniform Guidance and/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: PPEP Microbusiness and Housing Development Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
See the Notes to the SEFA for chart/table.