The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of the Commonwealth Cornerstone Group and Subsidiaries (the "Organization") 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 the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
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 Organization has elected not to use the de minimis indirect cost rate as allowed under the Uniform Guidance.
During the year ended June 30, 2022, the Organization entered into a grant agreement with Pennsylvania Housing Finance Agency ("PHFA") to administer the Pennsylvania Construction Cost Relief Program ("CCRP"), which was passed through to the Organization from an award received by PHFA from the U.S. Department of Treasury under its Coronavirus State and Local Fiscal Recovery Funds program. CCRP was established to make various Low-Income Housing Tax Credit ("LIHTC") loans to businesses impacted by the COVID-19 pandemic. On January 31, 2022, PHFA appropriated $47,896,829 of Revenue Loss Funds to CCRP. During the year ended June 30, 2022, the Organization received $47,896,829 from PHFA for CCRP. For the year ended June 30, 2025, $259,646 was disbursed in loans through CCRP. During the year ended June 30, 2025, the Organization entered into a grant agreement with PHFA to administer the Pennsylvania Development Cost Relief Program ("DCRP"), which was passed through to the Organization from an award received by PHFA from the U.S. Department of Treasury under its Coronavirus State and Local Fiscal Recovery Funds program. DCRP was established to make various loans to businesses impacted by the COVID-19 pandemic. On September 30, 2024, PHFA appropriated $33,684,112 of Revenue Loss Funds to DCRP. During the year ended June 30, 2025, the Organization received $33,684,112 from PHFA for DCRP. For the year ended June 30, 2025, $8,650,075 was disbursed in loans through DCRP. During the year ended June 30, 2025, the Organization entered into a grant agreement with PHFA to administer the Pennsylvania Housing Options Grant Program ("HOP"), which was passed through to the Organization from an award received by PHFA from the U.S. Department of Treasury under its Coronavirus State and Local Fiscal Recovery Funds program. HOP was established to make various service grants to businesses impacted by the COVID-19 pandemic. On September 30, 2024, PHFA appropriated $88,744,803 of Revenue Loss Funds, as defined, to HOP. During the year ended June 30, 2025, the Organization received $88,744,803 from PHFA for HOP. During the year ended June 30, 2025, $38,829,985 was expended by the Organization, of which $38,236,646 was awarded in service grants and $593,339 was incurred as administrative fees due to PHFA for allowable costs incurred in administering the HOP.