Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of New Hope Services, Inc. and Subsidiary under programs of the federal government for the year ended June 30, 2024. 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 New Hope Services, Inc. and Subsidiary, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of the Agency.
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 and OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. New Hope Services, Inc. and Subsidiary have adopted the procurement requirements specified in the Uniform Guidance.
New Hope Services, Inc. and Subsidiary have elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The federal loan programs listed subsequently are administered directly by the Agency, and balances and transactions relating to the program are included in the Agency’s consolidated financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding as of June 30, 2024 consists of: Outstanding Balance Identification Number Program Name at June 30, 2024 AL 14.239 Home Investment Partnership Program HML-016-005 IHCDA Highland Glen Phase 1 $456,669
New Hope Services, Inc. and Subsidiary provided no federal funding to subrecipients for the year ended June 30, 2024.