Notes to SEFA
The accompanying schedule of expenditures of federal awards (schedule) includes the federal award activity of Family, Inc. and Subsidiaries and is presented on the accrual basis of accounting. 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). Because the schedule presents only a selected portion of the operations of Family, Inc. and Subsidiaries, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Family, Inc. and Subsidiaries
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. Family, Inc. and Subsidiaries has elected not to use the 10 percent deminimis indirect cost rate as allowed under the Uniform Guidance.
The schedule includes activity related to the HOME Investment Partnership Program administered by the U.S. Department of Housing and Urban Development. During the year ended December 31, 2024, the Organization received and expended $1,475,000 in new HOME grant funds. The funds were used to support an affordable housing development project. In addition, the Organization continues to administer HOME loans issued in prior years that are subject to ongoing compliance requirements, including affordability periods, income eligibility verification, and property use restrictions. The balances of the loans outstanding at December 31, 2024 consist of: Program Name Assistance Listing Number Outstanding Balance at December 31, 2024 U.S. Department of Housing and Urban Development - HOME Investment Partnership Note 14.239 $ 1,288,947 U.S. Department of Housing and Urban Development - HOME Investment Partnership Note 14.239 $ 500,000