Notes to SEFA
Note B Summary of Significant Accounting Policies 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. Puerto Rico Neighborhood Housing Services, Corp. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The auditee did not use the de minimis cost rate. Puerto Rico Neighborhood Housing Services, Corp. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Puerto Rico Neighborhood Housing Services, Corp. has received a grant from NeighborWorks® America, a Congressionally chartered nonprofit organization dedicated to creating places of opportunity in communities across the U.S. The grant is a revolving capital grant funds for making affordable loans and capital projects. The grant balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Project received no additional capital advances during the year. The balance of the grant outstanding as of September 30, 2024, consists of: CFDA Number Program Name Outstanding Balance 21.000 NeighborWorks America Revolving Loan Fund $519,400