Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: (a) 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.(b) Neighborhood Development Services, Inc. has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.(c) Pass-through entity identifying numbers are presented where available.(d) The outstanding balance of loan and loan guarantee programs as of December 31, 2022. with continuing compliance requirements which are reported as federal expenditures on the accompanying schedule of expenditures of federal awards was $2,632,597.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
INTERMEDIARY RELENDING PROGRAM (10.767) - Balances outstanding at the end of the audit period were 2632597.
Title: Basis of Presentation
Accounting Policies: (a) 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.(b) Neighborhood Development Services, Inc. has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.(c) Pass-through entity identifying numbers are presented where available.(d) The outstanding balance of loan and loan guarantee programs as of December 31, 2022. with continuing compliance requirements which are reported as federal expenditures on the accompanying schedule of expenditures of federal awards was $2,632,597.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards presents the activity of all federal financial assistance programs of Neighborhood Development Services, Inc., excluding any federal financial assistance expenditures made from Madison, Ltd. (Madison); Wesley Village Limited Partnership (Wesley); Rittman Acres LimitedPartnership (Rittman); Willow Glen Elderly Housing Corp. (Willow); Portage Housing I Limited Partnership (Portage Homes); Wesley Village II Limited Partnership (Wesley Village), Palestine, Ltd. (Palestine); Portage Housing II Limited Partnership (Portage Homes II); Harrison Woods Limited Dividend Housing Association Limited Partnership (Harrison); Hickory Gold Limited Partnership (Hickory); Houghton Lake Timber Limited Partnership (Houghton); Kalkaska Woods Limited Partnership (Kalkaska); Westside Junction Limited Partnership (Westside); Ashtabula Homes L.P. (Ashtabula), Ashtabula Homes II, LLC (Ashtabula II), Portage Homes III Limited Partnership (Portage Homes III), Craig Beach Homes, L.P. (Craig Beach), Engel Terrace Limited Partnership (Engel Terrace), Lamplighter Family Housing Limited Partnership (Lamplighter), Prospect House Limited Partnership (Prospect House), Geauga Elderly Housing Limited Partnership (Geauga Elderly) andJefferson Elderly Housing Limited Partnership (Jefferson Elderly), subsidiaries of NDS, and Portage Woods (Portage), a wholly-owned project of NDS.