Notes to SEFA
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activity of CHOICE, Inc. and Affiliates, under programs of the federal government for the year ended June 30, 2025. The information in the 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 CHOICE, Inc. and Affiliates, it is not intended to and does not present the financial position, changes in net assets or cash flows of CHOICE, Inc. and Affiliates.
Expenditures reported on the schedule are reported on the accrual basis of accounting. For cost-reimbursement awards, 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. For performance-based awards, expenditures reported represent amounts earned.
The CHOICE, Inc. and Affiliates has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The CHOICE, Inc. and Affiliates received federal awards in the form of loans under the HOME Investment Partnerships program in the amount of $1,517,800. The balance of these loans at the beginning of the year are included in the Schedule of Expenditures of Federal Awards. As of June 30, 2025 and 2024, the outstanding balance was $1,517,800.