Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of ONE Neighborhood Builders Inc, and Affiliates (the "Organization") under programs of the federal government for the year ended December 31, 2024. The information in this Schedule is presented in accordance with 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 to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The federal loan programs listed below are administered directly by the Organization, and balances and transactions relating to the programs are included in the Organization's basic consolidated financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding as of December 31, 2024 consists of: Federal Assistance Listing Number Program Name Passed Through Outstanding December 31, 2024 14.239 Home Investment Partnerships Program City of Providence $ 1,009,207 14.239 Home Investment Partnerships Program Rhode Island Housing 1,246,351 14.218 Neighborhood Stabilization Program Rhode Island Housing 295,000 $2,550,558