Notes to SEFA
Title: 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. St.
Vincent de Paul has not elected to use the 15-percent de minimis indirect cost rate as allowed under the Uniform Guidance. Administrative reimbursement rates for federal grant programs are
limited to be no greater than 15-percent. Interest subsidies received under the Rural Rental program are paid out monthly to cover St.
Vincent de Paul’s monthly mortgage payments. Program income is received primarily in the form of rent income in USDA projects. The income is received monthly and used to support the general operations of the project.
De Minimis Rate Used: N
Rate Explanation: St. Vincent de Paul has not elected to use the 15-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of St. Vincent de Paul, 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 220, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Because the Schedule presents only a selected portion of operations of St. Vincent de Paul, it is not intended to and does not present the financial position, changes in net assets, or cash flows of St. Vincent de Paul.
Title: Loan Programs with Continuing Compliance Requirements
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. St.
Vincent de Paul has not elected to use the 15-percent de minimis indirect cost rate as allowed under the Uniform Guidance. Administrative reimbursement rates for federal grant programs are
limited to be no greater than 15-percent. Interest subsidies received under the Rural Rental program are paid out monthly to cover St.
Vincent de Paul’s monthly mortgage payments. Program income is received primarily in the form of rent income in USDA projects. The income is received monthly and used to support the general operations of the project.
De Minimis Rate Used: N
Rate Explanation: St. Vincent de Paul has not elected to use the 15-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Loans outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. The balance of loans with continuing compliance requirements outstanding on December 31, 2024, are as follows: Continuum of Care Program: $676,552. Rural Rental Housing Loans: $4,599,913. Total loans outstanding: $5,276,465