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 for all awards with the exception of Assistance Listing Numbers 21.023 and 21.027, which follows criteria determined by the Department of Treasury for allowability of costs. Under these principles, certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
The Company has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The accompanying schedule of expenditures of federal awards includes indirect costs, calculated at 14% of total direct federal expenditures excluding capital expenditures, subawards in excess of $25,000 and flow-through funds.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Council 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 2 CFR 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 Council, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Council.
Title: Note 4 - FEDERAL LOANS
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 for all awards with the exception of Assistance Listing Numbers 21.023 and 21.027, which follows criteria determined by the Department of Treasury for allowability of costs. Under these principles, certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
The Company has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The accompanying schedule of expenditures of federal awards includes indirect costs, calculated at 14% of total direct federal expenditures excluding capital expenditures, subawards in excess of $25,000 and flow-through funds.
The federal loan programs listed subsequently are administered directly by Opportunity Council, and balances and transactions relating to these programs are included in Opportunity Council’s basic consolidated financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule.
The balance of loans outstanding at December 31, 2024 consists of:
Amount Amount
CFDA Outstanding Outstanding
U.S. Department of Housing and Urban Development Number End of Year Beginning of Year
Passed Through the Washington State Department
of Commerce:
Home Investment Partnership Program 14.239 $ 1,025,588 $ 1,033,315
Passed Through Whatcom County:
Community Development Block Grant 14.228 952,698 867,931
Community Development Block Grant 14.228 30,294 110,630
Coronavirus State and Local Fiscal Recovery Funds 21.027 1,592,594
Coronavirus State and Local Fiscal Recovery Funds 21.027 64,857
Passed Through City of Bellingham:
Home Investment Partnership Program 14.239 683,081 683,081
Home Investment Partnership Program 14.239 344,212 344,212
Home Investment Partnership Program 14.239 502,000 502,000
Home Investment Partnership Program 14.239 150,000 150,000
Community Development Block Grant 14.218 32,642 32,642
Community Development Block Grant 14.218 794,833 794,833
Total $ 4,515,348 $ 6,176095