Notes to SEFA
The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of Hoover Seniors, HUD Project No.: 122-EE096-WAH-NP, under programs of the federal government for the year ended December 31, 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 Hoover Seniors, it is not intended to and does not present the financial position, changes in net assets (deficit), or cash flows of Hoover Seniors. For the year ended December 31, 2024, no awards were passed through to subrecipients.
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 Organizations, and the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Hoover Seniors has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Hoover Seniors has received a U.S. Department of Housing and Urban Development direct loan under Section 202 of the National Housing Act and a loan with the City of Los Angeles under the HOME Investment Partnership Program. The loan balances outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. Hoover Seniors received no additional loans during the year. The balances of the loans outstanding at December 31, 2024 consists of: See the Notes to the SEFA for chart/table