Notes to SEFA
Title: Neighborhood Reinvestment Corporation
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. The organization has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Neighborhood Reinvestment Corporation is a public, congressionally chartered nonprofit organization that receives a direct federal appropriation. It is not a federal agency, but a recipient of federal funds directly from the United States Department of the Treasury. St. Mary Development Corporation and Subsidiaries expended $495,500 of expendable and capital grants from Neighborhood Reinvestment Corporation in 2022.