Title: Note 1: GENERAL
Accounting Policies: Basis of Presentation – The Schedule includes the activity of GCHP and is presented on the accrual
basis of accounting. The information in the 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).
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity
of all federal awards of Gulf Coast Housing Partnership, Inc. (the GCHP). 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). The Organization reporting entity is defined in Note 1 to the
consolidated financial statements for the year ended December 31, 2024. All federal awards received
directly from federal agencies are included on the Schedule, as well as federal awards passed-through
other entities.
The Schedule for the year ended December 31, 2024 does not include the federal award funding
expended by GCHP’s for-profit subsidiaries as they do not meet the requirements for an audit 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).
Title: Note 4: LOANS
Accounting Policies: Basis of Presentation – The Schedule includes the activity of GCHP and is presented on the accrual
basis of accounting. The information in the 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).
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the de minimis indirect cost rate.
The Organization did not expend federal awards related to loans or loan guarantees during the year.
The Organization expended $1,086,686 of state agency loans related to federal awards during the
year.
Title: Note 5: FEDERALLY FUNDED INSURANCE
Accounting Policies: Basis of Presentation – The Schedule includes the activity of GCHP and is presented on the accrual
basis of accounting. The information in the 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).
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the de minimis indirect cost rate.
The Organization has no federally funded insurance.
Title: Note 6: NONCASH ASSISTANCE
Accounting Policies: Basis of Presentation – The Schedule includes the activity of GCHP and is presented on the accrual
basis of accounting. The information in the 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).
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the de minimis indirect cost rate.
The Organization did not receive any federal noncash assistance for the fiscal year ended December
31, 2024.
Title: Note 7: RECONCILIATION OF FEDERAL EXPENDITURES
Accounting Policies: Basis of Presentation – The Schedule includes the activity of GCHP and is presented on the accrual
basis of accounting. The information in the 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).
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the de minimis indirect cost rate.
Federal award expenditures are reported as follows:
Total federal award expenditures of $2,965,750 are within the federal grant revenue reflected in the
consolidated statement of activities. The remaining $380,000 was recognized as revenue in a prior
year.
Funding received under the Community Development Block Grant Program and the HOME
Investment Partnerships Program is passed through several state and local agencies, and thus is
considered a grant award. Amounts presented on the Schedule represent draw downs on loans
provided by the passthrough entities. Since the funding under these programs are not direct loans
from federal awarding agencies for federal loan programs, the awards are not presented as loans on
the accompanying Schedule.
Title: Note 8: RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
Accounting Policies: Basis of Presentation – The Schedule includes the activity of GCHP and is presented on the accrual
basis of accounting. The information in the 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).
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the de minimis indirect cost rate.
Amounts reported in the Schedule agree with the amounts reported in the related federal financial
reports.