Title: Federal Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Justine Petersen Housing and Reinvestment Corporation (the “Corporation”) under programs of the federal government for the year ended December 31, 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 the Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation. 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 Corporation was granted an indirect cost rate of 36.3% with the SBA. Management has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance, preferring to use the approved rate of 36.3%.
a)The Corporation has eight notes payable with the U.S. Small Business Association (“SBA”) in connection with the SBA Microloan Program as of December 31, 2024. The notes are payable in various monthly installments and
interest rates range from 0% to 3.13%. The loans are due at various dates through June 2034 and secured by notes receivable. The total SBA loan awards included in the Schedule of Expenditures of Federal Awards include loans outstanding at the beginning of the period, plus new loans issued during the period. SBA ending loan balances outstanding as of December 31, 2024, total $6,320,183. b) The Corporation has three notes payable with the U.S. Department of Agriculture (“USDA”) in connection with the Intermediary Relending Program. Monthly interest payments are required, with an interest rate of 1%, until maturity in October 2043, October 2045, and October 2052. The total USDA loan balances are secured by notes receivable. Total USDA loan awards included in the Schedule of Expenditures of Federal Awards include loans outstanding at the beginning of the period plus new loans issued during the period. USDA ending loan balances outstanding as of December 31, 2024, total $2,001,805.
Title: Concentration of Federal Expenditures
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Justine Petersen Housing and Reinvestment Corporation (the “Corporation”) under programs of the federal government for the year ended December 31, 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 the Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation. 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 Corporation was granted an indirect cost rate of 36.3% with the SBA. Management has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance, preferring to use the approved rate of 36.3%.
The Corporation’s expenses for the year ended December 31, 2024, were allocated between federal and non-federal sources as follows: Federal expenditures including loan balances: $19,628,790; Less SBA intermediary lender loans: $9,692,023; Less USDA intermediary relending program: $2,937,846; Federal expenditures excluding loan balances: $6,998,921; Non-federal expenditures: $9,534,450; Total expenditures: $16,533,371
Title: Federal Expenditures by Subsidiaries
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Justine Petersen Housing and Reinvestment Corporation (the “Corporation”) under programs of the federal government for the year ended December 31, 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 the Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation. 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 Corporation was granted an indirect cost rate of 36.3% with the SBA. Management has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance, preferring to use the approved rate of 36.3%.
Federal Expenditures by Subsidiaries included in the Schedule of Expenditures of Federal Awards: a) Great Rivers Community Capital, Inc. (“GRCC”), a wholly-owned subsidiary of Justine Petersen Housing and Reinvestment Corporation, was the recipient of Community Development Financial Institutions funding. GRCC’s EIN is 43-1862691 and DUNS number is 78-787-4473. b) IgniteMO Loan Participation Program, LLC (“IgniteMO”), a wholly-owned subsidiary of Justine Petersen Housing and Reinvestment Corporation, was the recipient of SSBCI funding. IgniteMO’s EIN is 99-4855822 and DUNS number is 13-414-1125. c) Sanctuary in the Ordinary (SITO), a wholly-owned subsidiary of Justine Petersen Housing and Reinvestment Corporation, was the recipient of Coronavirus State and Local Fiscal recovery Fund funding. SITO’s EIN is 43-1622145 and DUNS number is 01-709-3211.