Title: Basis of Presentation
Accounting Policies: Expenditures reported on this 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: During the year ended September 30, 2024, the Organization has elected not to implement the 10% de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards includes state and local activity as well as the federal grant activity of the Organization under programs of the federal government for the year ended September 30, 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 operations of the Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.
Title: Pass-through Entity Identifying Numbers
Accounting Policies: Expenditures reported on this 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: During the year ended September 30, 2024, the Organization has elected not to implement the 10% de minimis indirect cost rate.
Pass-through entity identifying numbers are presented where available.
Title: Subrecipients
Accounting Policies: Expenditures reported on this 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: During the year ended September 30, 2024, the Organization has elected not to implement the 10% de minimis indirect cost rate.
Expenditures passed through to subrecipients are presented separately in the Schedule of Expenditures of Federal Awards.
Title: Assistance Listing Number 93.568
Accounting Policies: Expenditures reported on this 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: During the year ended September 30, 2024, the Organization has elected not to implement the 10% de minimis indirect cost rate.
Included in ALN 93.568 are client benefits paid by the state of Minnesota of $14,436,101. These expenditures are not included in the statement of activities.
Title: Loan Outstanding
Accounting Policies: Expenditures reported on this 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: During the year ended September 30, 2024, the Organization has elected not to implement the 10% de minimis indirect cost rate.
The balance of the loan outstanding for the HOME Investment Partnership Program, Assistance Listing Number 14.239, as of September 30, 2024 is $325,000.