Notes to SEFA
Title: Subrecipients
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) is a supplementary schedule to the Company’s financial statements and is presented for purposes of additional analysis. The Schedule is required by the Office of Management and Budget (OMB) Uniform Guidance: Cost Principles, Audit, and Administrative Requirements for Federal Awards. Expenditures reported on this Schedule are presented using the accrual basis of accounting as described in Note 1 to the Company’s basic financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures may or may not be allowable or are limited as to reimbursement. The accompanying Schedule includes the federal award activity of Housing Unlimited, Inc. under programs of the federal government for the year ended September 30, 2024. All federal awards received directly from federal agencies as well as federal awards passed through from other government agencies are included on the Schedule. The information 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 Company, it is not intended to and does not present the net worth, results of operations, or cash flows of the Company. Amounts reported in the accompanying Schedule agree with the amounts reported in the related
federal financial reports. However, certain federal financial reports are filed based on cash expenditures. As such, certain timing differences may exist in the recognition of revenues and expenditures between the Schedule of Expenditures of Federal Awards and the federal financial reports.
De Minimis Rate Used: N
Rate Explanation: The Company has not elected to use the 10% de minimis cost rate.
None of the grants or loans reported on the SEFA had subrecipients.
Title: Loans Outstanding
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) is a supplementary schedule to the Company’s financial statements and is presented for purposes of additional analysis. The Schedule is required by the Office of Management and Budget (OMB) Uniform Guidance: Cost Principles, Audit, and Administrative Requirements for Federal Awards. Expenditures reported on this Schedule are presented using the accrual basis of accounting as described in Note 1 to the Company’s basic financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures may or may not be allowable or are limited as to reimbursement. The accompanying Schedule includes the federal award activity of Housing Unlimited, Inc. under programs of the federal government for the year ended September 30, 2024. All federal awards received directly from federal agencies as well as federal awards passed through from other government agencies are included on the Schedule. The information 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 Company, it is not intended to and does not present the net worth, results of operations, or cash flows of the Company. Amounts reported in the accompanying Schedule agree with the amounts reported in the related
federal financial reports. However, certain federal financial reports are filed based on cash expenditures. As such, certain timing differences may exist in the recognition of revenues and expenditures between the Schedule of Expenditures of Federal Awards and the federal financial reports.
De Minimis Rate Used: N
Rate Explanation: The Company has not elected to use the 10% de minimis cost rate.
The outstanding balances of loans and loan guarantee payments at September 30, 2024 for those loans that are applicable to the Uniform Guidance are as follows: HOME Investmetn Partnership Program Loans 14.239 $3,718,242 + Community Development Block Grants Entitlement Grants Cluster Loans 14.218 $945,999 = Total $4,664,241 The Schedule and related disclosures include evaluation of events through the date of the report, which is the date the Schedule was available to be issued.