Notes to SEFA
Basis of Accounting The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal loan and grant activity of Trillium Housing Services (the "Organization") and is presented on the accrual basis. 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). Therefore, some amounts presented in this schedule may differ from amounts presented or used in the preparation of the basic financial statements. In addition, 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, changes in net assets, or cash flows of the Organization. Expenditures 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.
The Uniform Guidance requires that all indirect costs be charged through the use of an approved indirect cost rate. When no indirect cost rate has been approved, the Uniform Guidance allows for a one-time election to use a 10% de minimis reimbursement rate. The Organization has not charged any indirect costs to its federal programs since the Uniform Guidance became applicable, and has yet to determine if it will elect the 10% de minimis reimbursement rate.
The Organization has received a U.S. Department of Housing and Urban Development loan under the Community Development Block Grant program from the City and County of Honolulu. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule, along with interest received on the loan which is owed back to the grantor. The balance owed on the loan program as of December 31, 2024 and 2023 is as follows: 2024 and 2023 Outstanding principal balance $2,853,393 and $2,853,393, respectively. Accrued interest is $469,525 and $421,590, respectively. Total is $3,322,918 and $3,274,983, respectively. The balance owed on the loan program as of December 31, 2024 and 2023 is as follows: