Notes to SEFA
The accompanying schedule of expenditures of federal awards summarizes the expenditures of the Organization under programs of the federal government for the year ended December 31, 2024 and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the provisions of Title 2 U.S. Code of Federal Regulations (CFR) 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 in, or used in the preparation of, the basic financial statements.
Expenditures for direct costs are recognized as incurred using the accrual method of accounting and the cost accounting principles contained in the Uniform Guidance. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement.
The Organization has elected not to use the 10-percent de minimis indirect cost rate under Title 2 U.S. CFR Part 200, Subpart E, Cost Principles
Federal expenditures for the HOME Investment Partnership Program include $5,007,050 in loans outstanding at December 31, 2024 for which the grantor imposes continuing compliance requirements.