Notes to SEFA
The accompanying schedule of expenditures of Federal financial assistance (the Schedule) includes Federal grant activity of Bristol Recreation Advisory Council d/b/a Tapply-Thompson Community Organization (the Organization) under programs of the Federal of New Hampshire for the fiscal year ended December 31, 2024. Various departments and agencies of the Federal of New Hampshire have provided financial assistance through grants and other authorizations in accordance with the General Statutes of the State of New Hampshire. These financial assistance programs funded building renovations of the Organization.
The accounting policies of the Organization conform to accounting principles generally accepted in the United States of America as applicable to not-for-profit organizations. The expenditures reported on the Schedule are reported on the accrual basis of accounting. In accordance with Section 4-236-22 of the Regulations to the State Single Audit Act, certain grants are not dependent on expenditure activity, and accordingly, are considered to be expended in the fiscal year of receipt. These grant program receipts are reflected in the expenditures column of the Schedule.
The Organization entered into a note payable agreement with Community Development Finance Authority organized under the laws of the State of New Hampshire. The funds were passed through the American Recovery Plan Act (ARPA), State Fiscal Recovery Fund (SFRF) to provide a loan to the Organization in an amount equal to or less than 85% of the eligible expenses of developing a new community center, and/or making capital improvements to its existing community center, known or to be known as: Tapply-Thompson Community Center: A Safe Place To Call Home. During the years ending December 31, 2024 and 2023, the Organization used $981,835 and $12,100, respectively, for a total outstanding balance of $993,935, of the $1,000,000 of available funds at December 31, 2024. The note is fully forgivable with provisions that require that the Organization to continue to use the property for its tax-exempt purpose for ten years from the date of the occupancy, and includes a lien on the property equal to the amount of the funding. If the Organization should cease to use the facility for the intended purpose it would be required to repay the note at the amount of the outstanding lien at the date of such change in use. The Certificate of Occupancy was received subsequent to year-end.
The Organization has elected to not use the de minimis indirect cost rate as allowed under the Uniform Guidance.