Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented
where available. The Agency has not elected to use the 10-percent de minimis indirect cost rate as allowed under
the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented
where available. The Agency has not elected to use the 10-percent de minimis indirect cost rate as allowed under
the Uniform Guidance.
The accompanying consolidated schedule of expenditures of federal awards (the “Schedule”) includes the federal
award activity of Housing Hope and Subsidiaries (collectively, the Agency) under programs of the federal
government for the year ended June 30, 2023. The information in the Schedule is presented in accordance with
the audit requirements of Title 2 U.S. Code of Federal Regulations (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 the Agency, it is not intended to and does not
present the financial position, changes in net assets, or cash flow of the Agency.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented
where available. The Agency has not elected to use the 10-percent de minimis indirect cost rate as allowed under
the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented
where available. The Agency has not elected to use the 10-percent de minimis indirect cost rate as allowed under
the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented
where available. The Agency has not elected to use the 10-percent de minimis indirect cost rate as allowed under
the Uniform Guidance.
Title: Note 3 - Loans Outstanding
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented
where available. The Agency has not elected to use the 10-percent de minimis indirect cost rate as allowed under
the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented
where available. The Agency has not elected to use the 10-percent de minimis indirect cost rate as allowed under
the Uniform Guidance.
The Schedule includes loans expended in previous years that have continuing compliance requirements. Loan
amounts reported in the Schedule represents gross proceeds received that are still outstanding as of July 1, 2022
or were new in fiscal 2023. For the year ended June 30, 2023, the outstanding loan balance at June 30, 2023 was
the same as the balance at July 1, 2022 plus new loans, with no exceptions. The total outstanding loan balance
for the year ended June 30, 2023 was $12,159,465.