Notes to SEFA
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal award activity for Rebuilding Together Southern Nevada, under programs of the federal government for the year ended June 30, 2025 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 Awards and Title 45 U.S. Code of Federal Regulations Part 75, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for HHS Awards (Uniform Guidance). Because the SEFA only presents a selected portion of the operations of Rebuilding Together Southern Nevada, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Rebuilding Together Southern Nevada.
The Organization participated in the Community Development Block Grant (CDBG) Acquisition, Rehabilitation and Rental (ARR) Program, Assistance Listing Number 14.218. The award is structured as a zero-interest, non-amortizing forgivable loan secured by a deed of trust. Under the terms of the agreement, the loan may be forgiven upon successful completion of a 20-year affordability and compliance period. If the Organization fails to comply with program requirements or disposes of the property during the affordability period, repayment of the outstanding balance may be required. The outstanding balance of the CDBG ARR loan subject to continuing compliance requirements was $1,034,270 as of June 30, 2025. In accordance with 2 CFR Part 200, the loan balance is included in the Schedule of Expenditures of Federal Awards because it remains subject to federal compliance requirements