Notes to SEFA
The accompanying schedule of federal and state awards (the Schedule) includes the federal and state grant activity of North Carolina Housing Coalition, Inc. (the Coalition) for the year ended December 31, 2024. The information in the 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). Because the Schedule presents only a selected portion of the operations of the Coalition, it is not intended to and does not present the financial position, changes in net assets, or cash flows of North Carolina Housing Coalition, Inc.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Coalition used the 10% de minimis indirect cost rate for federal grants awarded on or prior to September 30, 2024, unless otherwise provided for in the grant agreement. The Coalition generally used the 15% de minimis indirect cost rate for federal grants awarded on or after October 1, 2024, unless otherwise provided for in the grant agreement. Certain of the Coalition’s subgrantees elected to continue using the 10% de minimis indirect cost rate for subgrants funded by a federal grant awarded on October 1, 2024.