Notes to SEFA
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 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: NHS has elected not to use the ten-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of federal awards (the "Schedule") includes the federal award activity of Neighborhood Housing Services of New York City, Inc. and Affiliates (hereinafter collectively "NHS") 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 Administration Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of NHS, it is not intended to and does not present the financial position, changes in net assets, or cash flows of NHS.
Title: NOTE 2 – SIGNIFICANT ACCOUNTING POLICY
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.
De Minimis Rate Used: N
Rate Explanation: NHS has elected not to use the ten-percent de minimis indirect cost rate allowed under the Uniform Guidance.
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.
Title: NOTE 3 – INDIRECT COST RATE
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.
De Minimis Rate Used: N
Rate Explanation: NHS has elected not to use the ten-percent de minimis indirect cost rate allowed under the Uniform Guidance.
NHS has elected not to use the ten-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE 4 – LOAN PROGRAMS
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.
De Minimis Rate Used: N
Rate Explanation: NHS has elected not to use the ten-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Revolving Loan and Capital Projects Fund listed in the Schedule represents the balance of loans receivable originated under that program as of December 31, 2024.