Notes to SEFA
The schedule of expenditures of federal awards includes the federal grant activity of Homes in Partnership, Inc. under programs of the federal government for the year ended December 31, 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 Homes in Partnership, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Homes in Partnership, Inc.
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. Homes in Partnership, Inc. has elected not to use the 15 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Corporation did not pass through any federal awards to subrecipients during the year ended December 31, 2025. Accordingly, no amounts are reported as subrecipient expenditures on the Schedule of Expenditures of Federal Awards.