Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the expenditures of Jamboree Housing Corporation (a California non-profit public benefit corporation) and Subsidiaries (collectively, the “Corporation”) under programs of the federal government for the year ended December 31, 2023. 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 subawards to the Corporation 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 and OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowed. Assistance Listing numbers (“AL No.”) are provided when available. The Corporation elected not to use the 10% de minimis indirect cost rate.
Subsequent to the issuance of the Corporation’s consolidated financial statements for the year ended December 31, 2023, management determined that the expenditures reported on the SEFA were understated by $4,015,467 due to not having procedures in place to ensure that the Corporation’s development team informs the Corporation’s accounting team about new federal awards. Management has restated the 2023 SEFA by including COVID-19 Coronavirus State and Local Fiscal Recovery program expenditures of $2,500,000 and CDBG – Entitlement Grants Cluster Community Development Block Grants/Entitlement Grants program expenditures of $1,515,467, resulting in total federal expenditures of $70,069,214.