Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the expenditures on an accrual basis of Silvercrest, Inc. (the “Organization”)) 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.
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.
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 Loans continuing Total AL received compliance outstanding No. Program title in 2024 requirements loans 14.218 Community Development Block Grants $ 3,000,000 $ - $ 3,000,000