Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of Centerstone of America, Inc. and subsidiaries (collectively, the "Corporation") under programs of the federal government for the year ended June 30, 2025. The information in this schedule is presented in accordance with 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”).
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Corporation has elected to apply the de minimis indirect cost rate permitted under the Uniform Guidance, as revised effective October 1, 2024. For federal awards granted on or after this date, the Corporation uses the 15% de minimum indirect cost rate. For awards issued prior to October 1, 2024, the Corporation will continue to apply the 10% de minimis indirect cost rate. The applicable rate is determined based on the commencement date of each individual grant.
The Corporation had the following grant advances outstanding as of June 30, 2025 from the Supportive Housing Program through the U.S. Department of Housing and Urban Development for the construction and renovation of a group home facility. The Corporation also received grant advances from HOME Investment Partnership Program through the Housing and Neighborhood Development Department for construction of an affordable housing apartment community. 14.235 - $356,650; 14.239 - $175,000
There were no federal awards expended in the form of non-cash assistance and there were no loan guarantees outstanding at year end.
During the year ended June 30, 2025, the following insurance was in effect: