Notes to SEFA
Title: 1. Basis of presentation
Accounting Policies: Functional expenses
The costs of providing program services and other activities have been summarized on a functional basis in the statement of activities. Accordingly, certain costs have been allocated among program services and management and general services benefited. Such allocations are determined by management on an equitable basis. The allocation of payroll and benefits is based on an estimate of the staff time related to the categories. Other expenses are allocated based on volume of transactions.
De Minimis Rate Used: N
Rate Explanation: EANDC elected not to use the 10% de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the expenditures of East Akron Neighborhood Development Corporation and Subsidiaries (an Ohio non-profit public benefit 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 Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of the basic consolidated financial statements.
For purposes of the Schedule, federal awards include all sub awards to EANDC by nonfederal organizations pursuant to federal grants, contracts and similar agreements.
Title: 2. Summary of significant accounting policies
Accounting Policies: Functional expenses
The costs of providing program services and other activities have been summarized on a functional basis in the statement of activities. Accordingly, certain costs have been allocated among program services and management and general services benefited. Such allocations are determined by management on an equitable basis. The allocation of payroll and benefits is based on an estimate of the staff time related to the categories. Other expenses are allocated based on volume of transactions.
De Minimis Rate Used: N
Rate Explanation: EANDC elected not to use the 10% de minimis indirect cost rate.
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Assistance Listing numbers ("AL No.") are provided when available.
EANDC elected not to use the 10% de minimis indirect cost rate.
Title: 3. Outstanding federal loans
Accounting Policies: Functional expenses
The costs of providing program services and other activities have been summarized on a functional basis in the statement of activities. Accordingly, certain costs have been allocated among program services and management and general services benefited. Such allocations are determined by management on an equitable basis. The allocation of payroll and benefits is based on an estimate of the staff time related to the categories. Other expenses are allocated based on volume of transactions.
De Minimis Rate Used: N
Rate Explanation: EANDC elected not to use the 10% de minimis indirect cost rate.
The following represents the amount of outstanding loans identified by AL No. All loans are provided by HUD and are included in the Schedule.
Loans prior year loans
received with continuing Total
in 2024 compliance outstanding
requirements loans
14.218 CDBG Entitlement Grants Cluster $ - $ 280,000 $ 280,000
14.239 HOME Investment Partnerships Program $ - $ 3,700,000 $ 3,962,500
Title: 3. Outstanding federal loans
Accounting Policies: Functional expenses
The costs of providing program services and other activities have been summarized on a functional basis in the statement of activities. Accordingly, certain costs have been allocated among program services and management and general services benefited. Such allocations are determined by management on an equitable basis. The allocation of payroll and benefits is based on an estimate of the staff time related to the categories. Other expenses are allocated based on volume of transactions.
De Minimis Rate Used: N
Rate Explanation: EANDC elected not to use the 10% de minimis indirect cost rate.
Loans prior year loans
received with continuing Total
in 2024 compliance outstanding
requirements loans
14.218 CDBG Entitlement Grants Cluster $ - $ 280,000 $ 280,000
14.239 HOME Investment Partnerships Program $ - $ 3,700,000 $ 3,962,500