Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in 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 reimbursements.
De Minimis Rate Used: N
Rate Explanation: NRCDC has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Neighborhood Recovery Community Development Corporation (NRCDC), 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the schedule presents only a selected portion of the operations of NRCDC, it is not intended to and does not present the financial position, changes in net assets or cash flows of NRCDC.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported in 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 reimbursements.
De Minimis Rate Used: N
Rate Explanation: NRCDC has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported in 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 reimbursements.
Title: HUD PERFORMANCE LOAN
Accounting Policies: Expenditures reported in 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 reimbursements.
De Minimis Rate Used: N
Rate Explanation: NRCDC has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
NRCDC has received a loan under HUD's Community Development Block Grant Cluster in 2021. The loan balance at the beginning of the year is included in the schedule of expenditures of federal awards. NRCDC received additional funds during the year and has balance of $1,580,989 at December 31, 2024. The loan balance is included with net assets with donor restrictions in the statement of financial position at December 31, 2024.
Title: INDIRECT COST RATE
Accounting Policies: Expenditures reported in 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 reimbursements.
De Minimis Rate Used: N
Rate Explanation: NRCDC has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
NRCDC has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.