Title: General
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title
2 US. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance.) Therefore, some amounts presented
in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. SBP, Inc. has not applied for its own indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: SBP, Inc. has elected not to use the 10% de minimis indirect cost rate (15% for federal grants received
after October 1, 2024) as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of SBP, Inc. The reporting entity is defined in Note 1 to SBP, Inc. 's consolidated financial statements. All federal award programs received directly from federal agencies, as well as federal awards passed through other government agencies, are included on the schedule.
Title: Basis of accounting
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title
2 US. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance.) Therefore, some amounts presented
in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. SBP, Inc. has not applied for its own indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: SBP, Inc. has elected not to use the 10% de minimis indirect cost rate (15% for federal grants received
after October 1, 2024) as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 US. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance.) Therefore, some amounts presented
in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. SBP, Inc. has not applied for its own indirect cost rate.
Title: Indirect cost rate
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title
2 US. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance.) Therefore, some amounts presented
in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. SBP, Inc. has not applied for its own indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: SBP, Inc. has elected not to use the 10% de minimis indirect cost rate (15% for federal grants received
after October 1, 2024) as allowed under the Uniform Guidance.
SBP, Inc. has elected not to use the 10% de minimis indirect cost rate (15% for federal grants received after October 1, 2024) as allowed under the Uniform Guidance.
Title: Loan and loan guarantee programs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title
2 US. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance.) Therefore, some amounts presented
in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. SBP, Inc. has not applied for its own indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: SBP, Inc. has elected not to use the 10% de minimis indirect cost rate (15% for federal grants received
after October 1, 2024) as allowed under the Uniform Guidance.
SBP, Inc. administers a program funded by the U.S. Department of Housing and Urban Development. Balances and transactions relating to these programs are included in the SBP, Inc. 's consolidated financial statements. Loans outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule of Expenditures of Federal Awards. The balance of the loans outstanding at December 31 , 2024 was $3,683,694 for Assistance Listing Number 14.228.