Title: NEIGHBORWORKS AMERICA FUNDS
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal activity of Hope Enterprise Corporation under programs of the federal government for the year ended December 31, 2024. The information in the 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 the operations of Hope Enterprise Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Hope Enterprise Corporation.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained the in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Company did not contract any federal loans, loan guarantees and did not receive federal noncash assistance.
De Minimis Rate Used: N
Rate Explanation: The Company has chosen not to use the 10% de minimis indirect cost rate
allowed under the Uniform Guidance.
Hope Enterprise Corporation has a grant agreement with NeighborWorks America which is structured in accordance with Section 607(e) of the Neighborhood Reinvestment Corporation Act, as amended (42 U.S.C. 8101, et. seq.). The agreement provides for the funding of certain ongoing community lending and support projects in the form of capital funds grants. During 2024 and 2024, the Company was awarded NeighborWorks America
capital funds grants totaling $511,000 and $556,000, respectively, which is included in revenue. Expenditures relative to these awards are shown in detail in the accompanying schedule of expenditures of federal awards. Of the amounts received from NeighborWorks
America, all were considered expendable grants and no amounts were received with donor restrictions. The unexpended portion of donor-restricted grants relates to grant funds held in perpetuity and amounted to $-0- at December 31, 2024 and 2024. As of December 31, 2024, the Company was in compliance with the bonding and insurance requirements of the grant agreement.
Title: SUBRECIPIENTS
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal activity of Hope Enterprise Corporation under programs of the federal government for the year ended December 31, 2024. The information in the 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 the operations of Hope Enterprise Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Hope Enterprise Corporation.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained the in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Company did not contract any federal loans, loan guarantees and did not receive federal noncash assistance.
De Minimis Rate Used: N
Rate Explanation: The Company has chosen not to use the 10% de minimis indirect cost rate
allowed under the Uniform Guidance.
The Company did not provide any federal awards to subrecipients during the year ended December 31, 2024.
Title: NONCASH ASSISTANCE
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal activity of Hope Enterprise Corporation under programs of the federal government for the year ended December 31, 2024. The information in the 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 the operations of Hope Enterprise Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Hope Enterprise Corporation.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained the in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Company did not contract any federal loans, loan guarantees and did not receive federal noncash assistance.
De Minimis Rate Used: N
Rate Explanation: The Company has chosen not to use the 10% de minimis indirect cost rate
allowed under the Uniform Guidance.
The Company did not receive any federal assistance in noncash form during the year ended December 31, 2024.