Notes to SEFA
Title: Note 3 Loans
Accounting Policies: Note 1 Summary of Significant Accounting PoliciesThe accompanying schedule of expenditures of federal awards and state financial assistance includes the federal grant and state financial assistance activities of Pinellas Affordable Living, Inc. (Organization). 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) and Chapter 10.650, Rules of the Auditor General. Because the schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, change in net assets, or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: Note 4 Indirect CostsThe Organization has elected not to use the 10% de minimis cost rate allowed by the Uniform Guidance.
COMMUNITY DEVELOPMENT BLOCK GRANTS/ENTITLEMENT GRANTS (14.218) - Balances outstanding at the end of the audit period were 12000. COMMUNITY DEVELOPMENT BLOCK GRANTS/ENTITLEMENT GRANTS (14.218) - Balances outstanding at the end of the audit period were 129093. COMMUNITY DEVELOPMENT BLOCK GRANTS/ENTITLEMENT GRANTS (14.218) - Balances outstanding at the end of the audit period were 400000. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 545410. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 1175000. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 479296. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 111000. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 500000. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 110000. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 399294. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 2277. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 965790. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 481093. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 186222. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 1815. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 1641199.
Title: Note 2 Summary of Significant Accounting Policies
Accounting Policies: Note 1 Summary of Significant Accounting PoliciesThe accompanying schedule of expenditures of federal awards and state financial assistance includes the federal grant and state financial assistance activities of Pinellas Affordable Living, Inc. (Organization). 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) and Chapter 10.650, Rules of the Auditor General. Because the schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, change in net assets, or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: Note 4 Indirect CostsThe Organization has elected not to use the 10% de minimis cost rate allowed by 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 or Chapter 10.650, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Note 5 Contingency
Accounting Policies: Note 1 Summary of Significant Accounting PoliciesThe accompanying schedule of expenditures of federal awards and state financial assistance includes the federal grant and state financial assistance activities of Pinellas Affordable Living, Inc. (Organization). 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) and Chapter 10.650, Rules of the Auditor General. Because the schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, change in net assets, or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: Note 4 Indirect CostsThe Organization has elected not to use the 10% de minimis cost rate allowed by the Uniform Guidance.
Expenditures incurred by the Organization are subject to audit and possible disallowance by federal or state agencies. Management believes that, if audited, an adjustment for disallowed expenses would be immaterial.