Title: 1. 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 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.
De Minimis Rate Used: N
Rate Explanation: The Organization elected not to use the 10% de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the expenditures on an accrual basis of Foundation Communities, Inc. (a Texas non-profit public benefit corporation) and Subsidiaries 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 the Organization by nonfederal organizations pursuant to federal grants, contracts and similar agreements.
Title: 2. 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 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.
De Minimis Rate Used: N
Rate Explanation: The Organization 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.
The Organization elected not to use the 10% de minimis indirect cost rate.
Title: 3. Outstanding federal loans
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 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.
De Minimis Rate Used: N
Rate Explanation: The Organization 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.
Prior year
loans with
continuing Total
AL compliance outstanding
No. Program title requirements loans
14.218 Community Development Block Grants $ 1,775,750 $ 1,775,750
14.218 Community Development Block Grants 1,101,066 1,101,066
14.218 Community Development Block Grants 1,150,000 1,150,000
14.218 Community Development Block Grants 8,233,199 8,233,199
14.239 HOME Investment Partnership Program Loan 500,000 500,000
14.239 HOME Investment Partnership Program Loan 956,003 956,003
14.239 HOME Investment Partnership Program Loan 294,420 294,420
14.239 HOME Investment Partnership Program Loan 294,820 294,820
14.239 HOME Investment Partnership Program Loan 295,690 295,690
14.239 HOME Investment Partnership Program Loan 176,070 176,070
14.239 HOME Investment Partnership Program Loan 1,450,000 1,450,000
14.239 HOME Investment Partnership Program Loan 786,446 786,446
14.256 Neighborhood Stabilization Program 5,088,812 5,088,812
14.275 Housing Trust Fund 5,400,899 5,400,899