Notes to SEFA
Title: Note 1 - Basis of Presentation:
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. PathStone Corporation and Affiliates has an approved federal indirect cost allocation plan.
De Minimis Rate Used: N
Rate Explanation: PathStone Corporation and Affiliates has an approved federal indirect cost allocation plan.
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of PathStone Corporation and Affiliates under programs of the federal government for the year ended September 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 PathStone Corporation and Affiliates, it is not intended to and does not present the financial position, change in net assets, or cash flows of PathStone Corporation and Affiliates.
Title: Note 3 - HUD Capital Advances:
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. PathStone Corporation and Affiliates has an approved federal indirect cost allocation plan.
De Minimis Rate Used: N
Rate Explanation: PathStone Corporation and Affiliates has an approved federal indirect cost allocation plan.
Multiple projects were awarded capital advances from HUD for the construction of rental property. They are administered directly by PathStone Corporation and Affiliates, and the balance and transactions relating to these programs are included in PathStone Corporation and Affiliates' basic financial statements. The loans/capital advance outstanding at the beginning of the year and loans/capital advances made during the year are included in the federal expenditures presented in the schedule. The balance of the loans/capital advances outstanding at September 30, 2024 were:
AL Number Program Name Outstanding Balance
14.239 HOME Investment Partnership Program-Loan $22,497,698
14.157 Supportive Housing for the Elderly-Loan $9,217,518
14.181 Supportive Housing for Persons with Disabilities - Capital Advance $1,366,000
Title: Note 4 - USDA Loan 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. PathStone Corporation and Affiliates has an approved federal indirect cost allocation plan.
De Minimis Rate Used: N
Rate Explanation: PathStone Corporation and Affiliates has an approved federal indirect cost allocation plan.
The USDA loan programs listed below are administered directly by PathStone Corporation and Affiliates, and the balance and transactions relating to these programs are included in PathStone Corporation and Affiliates' basic financial statements. The 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 balance of the loans outstanding at September 30, 2024 were:
AL Number Program Name Outstanding Balance
10.405 Farm Labor Housing Loans and Grants $439,410
10.415 Rural Rental Housing Loans $2,603,116
10.767 Intermediary Relending Program $15,860
10.870 Rural Microentrepreneur Assistance Program $38,856
Title: Note 5 - Small Business Administration Microloan Program:
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. PathStone Corporation and Affiliates has an approved federal indirect cost allocation plan.
De Minimis Rate Used: N
Rate Explanation: PathStone Corporation and Affiliates has an approved federal indirect cost allocation plan.
The SBA loan program listed below is administered directly by PathStone Corporation and Affiliates, and the balance and transactions relating to this program are included in PathStone Corporation and Affiliates' basic financial statements. The loan outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the schedule. The balance of the loan outstanding at September 30, 2024 was:
AL Number Program Name Outstanding Balance
59.046 Microloan Demonstration Program $15,963