Notes to SEFA
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Bristlecone Family Resources for the year ended June 30, 2023. 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).
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Organization and is presented in accordance with accounting principles generally accepted in the United States of America. The information in this schedule is presented in accordance with the requirements of the OMB Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance
When federal awards were received from a pass-through entity, the Schedule of Expenditures of Federal Awards shows, if available, the identifying number assigned by the pass-through entity. When no identifying number is assigned for the program or the Organization was unable to obtain an identifying number from the pass-through entity.
There were no federal awards to subrecipients for the current year
The Organization obtained a loan through the U.S. Department of Housing and Urban Development – Home Investment Partnerships Program administered by the Washoe County Home Consortium. The loan proceeds were utilized towards renovations of its new building known as Bristlecone Towers. The loan accrues interest at 1% per annum, but all principal and interest payments are deferred until superior loans are paid in full. However, the Organization must comply with certain use restrictions during the term of the loan, currently 45 years. At June 30, 2023, $589,694 is owed on the loan plus accrued interest of $62,090