Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the expenditures of Del Norte Neighborhood Development Corporation and Affiliates (the “Organization”) under programs of the federal government for the year ended December 31, 2024. The information in the Schedule is presented in accordance with the requirements of Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of the basic consolidated financial statements. For purposes of the Schedule, federal awards include all subawards to Del Norte Neighborhood Development Corporation and Affiliates by nonfederal organizations pursuant to federal grants, contracts and similar agreements.
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Assistance Listing numbers (“AL No.”) are provided when available. The Organization elected not to use up to the 15% de minimis indirect cost rate.
The following represents the amount of outstanding loans identified by AL No. All loans are provided by HUD and are included in the Schedule. Loans Prior year received loans with during the continuing Total AL year ended compliance outstanding No. Program title 12/31/2024 requirements loans 14.239 HOME Investment Partnerships Program $ - $ 1,371,093 $ 1,371,093 14.241 HOPWA - 550,000 550,000 14.256 Neighborhood Stabilization Program 2 (ARRA) - 1,000,000 1,000,000 $ - $ 2,921,093 $ 2,921,093