Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Peace Grove, Inc., HUD Project No. 121-HH002-NP-CMI under programs of the federal government for the year ended June 30, 2025. 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 Peace Grove, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Peace Grove, Inc. For the year ended June 30, 2025, no awards were passed through to sub-recipients.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in OMB Circular A-122, "Cost Principles for Non-Profit Corporations" and the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Peace Grove, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Peace Grove, Inc. received no additional loans during the year. The forgivable loan balance outstanding as of June 30, 2025 consists of: See Notes to the SEFA for chart/table