Notes to SEFA
Title: Loan/loan guarantee outstanding balances
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. NWHS has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
COMMUNITY DEVELOPMENT BLOCK GRANTS/ENTITLEMENT GRANTS (14.218) - Balances outstanding at the end of the audit period were 536456. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 435754. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 2821800. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 2455908.
Title: Basis of Presentation
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. NWHS has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Neighborhood Housing Services of the South Shore, Inc. d/b/a NeighborWorks Housing Solutions and subsidiaries (NWHS) under programs of the Federal government for the year ended June 30, 2022. 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 NWHS, it is not intended to and does not present the financial position, changes in net assets or cash flows of NWHS.
Title: Neighborhood Reinvestment Corporation Permanently Restricted (CFDA #21.U0
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. NWHS has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The amounts included on the Schedule represent the beginning balance of any permanently restricted capital funds used for revolving loans as of July 1, 2021, plus additional proceeds and expendable grants received during the year, as they include continuing compliance requirements. During 2022, the Neighborhood Reinvestment Corporation released $287,803 from restriction and the ending permanently restricted capital fund balance was zero.