Title: 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.
De Minimis Rate Used: N
Rate Explanation: Neither BH nor CLT have elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal expenditure activity of BH and CLT under programs of the federal government for the year ended December 31, 2024. 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. Because the schedule presents only a selected portion of the operations of BH and CLT, it is not intended to and does not present the financial position, changes in net assets, or cash flows of BH and CLT.
For purposes of the Schedule, federal awards include all grants, contracts, and similar agreement entered into directly between BH and CLT and agencies and departments of the federal government, and all sub-awards to BH and CLT by nonfederal organizations pursuant to federal grants, contracts, and similar agreements.
Title: SUBRECIPIENTS
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.
De Minimis Rate Used: N
Rate Explanation: Neither BH nor CLT have elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Of the federal expenditures presented in the Schedule, neither BH nor CLT provided federal awards to any subrecipients.
Title: NONCASH ASSISTANCE
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.
De Minimis Rate Used: N
Rate Explanation: Neither BH nor CLT have elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Of the federal expenditures presented in the Schedule, neither BH nor CLT expended federal awards in the form of noncash assistance.
Title: LOAN PROGRAM
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.
De Minimis Rate Used: N
Rate Explanation: Neither BH nor CLT have elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Neighborhood Stabilization Program, Pagedale Preservation Program, and Home Rehab Program presented on the Schedule are loan-based programs to rehabilitate foreclosed properties. As a result, the federal expenditures relate to the loan balances outstanding as of December 31, 2024.
Balance at 12/31/23 Loan / Payments / Balance at 12/31/24
Neighborhood Stabilization Program $3,470,266 $- $ 3,470,266
Pagedale Preservation Program $89,840 $- $89,840
Home Investment Partnership Program - Rehab Program $400,000 $- $400,000
Home Investment Partnership Program - Home Purchase $50,000 $- $50,000
Home Investment Partnership Program - Hillsdale Homes LP $40,000 $ - $40,000