Notes to SEFA
Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: NOTE 2 – SUMMARY OF SIGNIFICANT 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant and loan activities of Resources for Community Development and its affiliates 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic combined financial statements. The purpose of the Schedule is to present a summary of these activities of Resources for Community Development and its affiliates for the year ended June 30, 2024, which have been financed by the U. S. Government. For purposes of the Schedule, federal awards include all federal assistance entered into directly and indirectly between Resources for Community Development and its affiliates and the federal government.
Affiliates of Resources for Community Development for the purposes of this combined schedule of expenditures of federal awards are nonprofit organizations under the control of Resources for Community Development’s board of directors that are not subject to separate audits in accordance with the requirements of the Uniform Guidance. The federal expenditures awarded to the following affiliated entity are included in the combined schedule of expenditure of federal awards:
(1) All Housing, Inc. $440,522
Title: NOTE 3 – INDIRECT COST RATE
Accounting Policies: NOTE 2 – SUMMARY OF SIGNIFICANT 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Resources for Community Development and its affiliates did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE 4 – PRIOR YEARS’ EXPENDITURES
Accounting Policies: NOTE 2 – SUMMARY OF SIGNIFICANT 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes $9,935,441 in expenditures from prior years for which continuing compliance is required.
Title: NOTE 5 – YEAR-END LOAN AND FORGIVABLE LOAN BALANCES
Accounting Policies: NOTE 2 – SUMMARY OF SIGNIFICANT 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
See the Notes to the SEFA for chart/table