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, as applicable, 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: Rockport Affordable Housing, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of Rockport Affordable Housing, Inc., RD Project No. 25-005-122970630, 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 Rockport Affordable Housing, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Rockport Affordable Housing, Inc.
Title: Note 4 - U.S. Department of Agriculture, Rural Development loan program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, 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: Rockport Affordable Housing, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
RURAL RENTAL HOUING LOANS (10.415) - Rockport Affordable Housing, Inc. has received a Rural Development loan under Section 515 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Rockport Affordable Housing, Inc. received no additional loan receipts during the year ended December 31, 2024. The balance of the loan outstanding at December 31, 2024 consists of $793,837.
Title: Note 5 - U.S. Department of Housing and Urban Development, HOME loan program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, 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: Rockport Affordable Housing, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Rockport Affordable Housing, Inc. has received the following loans under the HOME Investment Partnerships ("HOME") Program from the federal agency U.S. Department of Housing and Urban Development passed through by the Town of Rockport, MA and by the North Shore HOME Consortium. The loan balances outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. Rockport Affordable Housing, Inc. received no additional loan receipts during the year ended December 31, 2024. The balance of the loans outstanding at December 31, 2024 consists of $35,300 and $500,000.
Title: Note 6 - U.S. Department of Housing and Urban Development, CDBG loan program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, 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: Rockport Affordable Housing, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
COMMUNITY DEVELOPMENT BLOCK GRANTS/ENTITLEMENT GRANTS (14.218) - Rockport Affordable Housing, Inc. has received the following loan under the Community Development Block Grant ("CDBG") Program from the federal agency U.S. Department of Housing and Urban Development passed through by the Town of Rockport, MA. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Rockport Affordable Housing, Inc. received no additional loan receipts during the year ended December 31, 2024. The balance of the loan outstanding at December 31, 2024 consists of $390,400.