Notes to SEFA
Title: Loans Oustanding
Accounting Policies: The SEFA presents the expenditures of all federal awards reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the grant agreements, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Organization did not elect 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 Organization had a loan balance (notes payable to the federal agency) outstanding to the U.S. Small Business Administration (SBA) through ALN 59.008 in the amount of $500,000 at June 30, 2022. Loans made (loan receivables) from funds received from federal agencies in the form of grants are included in the federal expenditures presented on the SEFA in the year the loans are made. Repayments of principal and interest related to loans receivable made from federal awards are included on the SEFA as program income. Beginning of the year outstanding loan balances (notes payable) that require significant continued compliance monitoring are included in the federal expenditures presented on the SEFA. The proceeds of loans that were received and expended in prior years are not considered federal awards expended when the laws, regulations, and the provisions of contracts or grant agreements pertaining to such loans impose no continuing compliance requirements other than to repay the loans and have been excluded form the SEFA. The SBA has stated that the loans made by their agency do not contain continuing compliance requirements and therefore only the amounts of the loan funds spent in the year ending June 30, 2022, are included on the SEFA.
Title: Basis of Presentation
Accounting Policies: The SEFA presents the expenditures of all federal awards reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the grant agreements, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Organization did not elect 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 Schedule of Expenditures of Federal Awards ("SEFA") includes the federal grant activity of Neighborhood Partnership Housing Services, Inc. under programs of the federal and local government for the year ended June 30, 2022. The federal information in this schedule is presented in accordance with the regulations of Uniform grants Guidance, 2 CFR Part 2000, Subpart F. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the presentation of the consolidated financial statements.
Title: Pass-Through Awards
Accounting Policies: The SEFA presents the expenditures of all federal awards reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the grant agreements, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Organization did not elect 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 Organization receives federal awards from pass-through agencies. The total amount of such pass-through awards is included on the Schedule.