Title: A. Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Providence Community Housing and Subsidiaries 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 Providence Community Housing and Subsidiaries, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Providence Community Housing and Subsidiaries.
De Minimis Rate Used: N
Rate Explanation: Providence Community Housing and Subsidiaries did not elect to use the 10% de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Providence Community Housing and Subsidiaries 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 Providence Community Housing and Subsidiaries, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Providence Community Housing and Subsidiaries.
Title: B. Indirect Costs
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Providence Community Housing and Subsidiaries 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 Providence Community Housing and Subsidiaries, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Providence Community Housing and Subsidiaries.
De Minimis Rate Used: N
Rate Explanation: Providence Community Housing and Subsidiaries did not elect to use the 10% de minimis indirect cost rate.
Providence Community Housing and Subsidiaries did not elect to use the 10% de minimis indirect cost rate.
Title: C. Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Providence Community Housing and Subsidiaries 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 Providence Community Housing and Subsidiaries, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Providence Community Housing and Subsidiaries.
De Minimis Rate Used: N
Rate Explanation: Providence Community Housing and Subsidiaries did not elect to use the 10% de minimis indirect cost rate.
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, where certain types of expenditures are not allowable or are limited as to reimbursement.
Title: D. Loans Outstanding
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Providence Community Housing and Subsidiaries 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 Providence Community Housing and Subsidiaries, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Providence Community Housing and Subsidiaries.
De Minimis Rate Used: N
Rate Explanation: Providence Community Housing and Subsidiaries did not elect to use the 10% de minimis indirect cost rate.
HOME Investment Partnerships Program (ALN 14.239): Providence Community Housing and Subsidiaries had outstanding loan balances under the HOME Investment Partnerships Program totaling $3,940,736 at January 1, 2024. No new loans were made during the year. The balance of loans outstanding at December 31, 2024, was $3,940,736. These loans are subject to continuing compliance requirements and are therefore reported in the SEFA in accordance with 2 CFR §200.502(b).
Community Development Block Grant (CDBG) Program (ALN 14.218): During the year ended December 31, 2024, the Organization received a new loan under the CDBG program totaling program totaling $2,096,627 at December 31, 2024. This amount is reported as federal expenditures in the SEFA for the year in accordance with 2 CFR §200.502(a), which requires reporting the full amount of new loans received during the audit period.
Title: E. Section 8 (ALN 14.195)
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Providence Community Housing and Subsidiaries 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 Providence Community Housing and Subsidiaries, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Providence Community Housing and Subsidiaries.
De Minimis Rate Used: N
Rate Explanation: Providence Community Housing and Subsidiaries did not elect to use the 10% de minimis indirect cost rate.
Amounts received from HUD for special claims related to Section 8 programs totaled $32,418 and are included in the Section 8 federal expenditures presented in the Schedule.