Notes to SEFA
Title: NOTE A – BASIS OF PRESENTATION – SCHEDULE OF EXPENDITURES OF FEDERAL & STATE 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The amount of federal expenditures represents the amount of federal funds expended during the fiscal year ended June 30, 2023. A threshold of $750,000 was used to distinguish between Type A and Type B programs as those terms are defined in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Cornerstone Community Development Corporation dba Building Futures with Women and Children, and Subsidiary and is presented on the accrual basis of accounting. 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements.
Title: NOTE B - FEDERAL EXPENDITURES
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The amount of federal expenditures represents the amount of federal funds expended during the fiscal year ended June 30, 2023. A threshold of $750,000 was used to distinguish between Type A and Type B programs as those terms are defined in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
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.
The amount of federal expenditures represents the amount of federal funds expended during the fiscal year ended June 30, 2024. A threshold of $750,000 was used to distinguish between Type A and Type B programs as those terms are defined in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements. The Organization’s major federal award programs were:
Continuum of Care Grant Program CFDA #14.267
The Organization has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance
Title: NOTE C – FEDERAL LOAN BALANCES
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The amount of federal expenditures represents the amount of federal funds expended during the fiscal year ended June 30, 2023. A threshold of $750,000 was used to distinguish between Type A and Type B programs as those terms are defined in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the schedule. The loans disclosed on the accompanying schedule of expenditures of federal awards, that were expended in prior years, are subject to providing housing services to the community until the loan expiration dates.The balance of the loans outstanding at June 30, 2024 consists of:
Assistance Program Original Outstanding
Listing Name Loan Balance
Number Balance 6/30/24 14.218 Capital Improvement Loan $ 65,229 $ 65,229
14.218 Capital Improvement Loan 143,725 143,725
14.218 Supportive Housing Loan 400,000 400,000
14.218 Community Dev Block Grant 120,000 120,000