Notes to SEFA
Title: SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal and state awards (the Schedule) includes the federal and state award activity of Project Home, Inc. under programs of the federal and state 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) and State Single Audit Guidelines (SSAG). Because the Schedule presents only a selected portion of the operations of Project Home, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Project Home, Inc. Expenditures reported on this schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance and SSAG, wherein certain types of expenditures are
not allowable or are limited as to reimbursement. Pass‐through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Project Home, Inc. did not have any subrecipients.
Title: OUTSTANDING LOANS
Accounting Policies: The accompanying schedule of expenditures of federal and state awards (the Schedule) includes the federal and state award activity of Project Home, Inc. under programs of the federal and state 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) and State Single Audit Guidelines (SSAG). Because the Schedule presents only a selected portion of the operations of Project Home, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Project Home, Inc. Expenditures reported on this schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance and SSAG, wherein certain types of expenditures are
not allowable or are limited as to reimbursement. Pass‐through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The loan programs listed subsequently are administered directly by Project Home, Inc., and balances and transactions relating to the programs are included in Project Home, Inc.'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. This schedule also includes the outstanding loan balances as follows: #14.218 CDBG/Entitlement Grants Loan $421,750; #14.239 Home Investments Partnerships Program Loan $750,000.