Notes to SEFA
Title: BASIS OF PRESENTAION
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. Puerto Rico Neighborhood Housing Services, Corp. has elected not to use the10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: BOTH METHODS ARE BEING USED
The accompanying schedule of expenditures of federal awards includes the federal award activity of Puerto Rico Neighborhood Housing Services, Corp., and is presented on the accrual basis of accounting. 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 about Puerto Rico Neighborhood Housing Services, Corp., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Puerto Rico Neighborhood Housing Services, Corp.
Title: NEIGHBORWORKS AMERICA CAPITAL FUND
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. Puerto Rico Neighborhood Housing Services, Corp. has elected not to use the10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: BOTH METHODS ARE BEING USED
Puerto Rico Neighborhood Housing Services, Corp. has received a grant from NeighborWorks® America, a Congressionally chartered nonprofit organization dedicated to creating places of opportunity in communities across the U.S. The grant is a revolving capital grant funds for making affordable loans and capital projects. The grant balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Project received no additional capital advances during the year. The balance of the grant outstanding as of September 30, 2024, consists of: