Notes to SEFA
Title: Revolving Loan Fund
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal assistance activity of HAC 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: HAC has elected not to use the 10% de minimis cost rate for its Federal programs.
The Capital Magnet Fund is to be used as a revolving loan fund and is shown on the Schedule of Expenditures of Federal Awards until the five-year investment compliance period associated with each award is completed at various dates through October 2027. The amount presented represents qualifying grant funds deployed or committed as of September 30, 2024.
Title: Loan Programs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal assistance activity of HAC 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: HAC has elected not to use the 10% de minimis cost rate for its Federal programs.
HAC has three revolving loan funds that are funded by Federal agencies. Repayments to HAC are considered program revenue, and loans of such funds to eligible borrowers are considered expenditures under the Self-Help Homeownership Opportunity Program (AL No. 14.247). Loan disbursements under the Rural Rental Housing Loans (AL No. 10.415) and Intermediary Relending Program (AL No. 10.767) are also considered expenditures, but repayments to HAC are not considered program revenue. Loans outstanding at the beginning of the year and loans made during the year are included in the Federal expenditures presented on the schedule. The balance of loans outstanding as of September 30, 2024, consists of:
Title: NeighborWorks® America Funds
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal assistance activity of HAC 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: HAC has elected not to use the 10% de minimis cost rate for its Federal programs.
NeighborWorks® America (NW) requires all sub-recipients to use AL No. 21.000 for certain NW funds.