Notes to SEFA
Title: Basis of Presentation
Accounting Policies: 1) Expenditures reported on the Schedule are reported on the accrual basis of accounting except for the loan balances as discussed below. 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.
2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Beacon has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activity of Beacon Interfaith Housing Collaborative (Beacon) under programs of the federal government for the year ended June 30, 2023. This schedule includes wholly owned entities, and excludes limited partnerships and nonprofit organizations that receive separate audited financial statements in accordance with either the Consolidated Audit Guide for Audits of HUD Programs (the “Guide”) issued by the U.S. Department of Housing and Urban Development, Office of the Inspector General or the Uniform Guidance, when applicable. 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 (the Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
Title: Refundable Advance
Accounting Policies: 1) Expenditures reported on the Schedule are reported on the accrual basis of accounting except for the loan balances as discussed below. 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.
2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Beacon has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Beacon Interfaith Housing Collaborative has a refundable advance outstanding in the amount of $80,000 as of the beginning of the fiscal year which continues to have compliance requirements. The U.S. Department of Housing and Urban Development has given Beacon a waiver on including this grant for the purposes of determining federal expenditures each year. Therefore, this grant has not been included in the current year’s federal expenditures presented in the schedule.
Title: Loan Balances
Accounting Policies: 1) Expenditures reported on the Schedule are reported on the accrual basis of accounting except for the loan balances as discussed below. 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.
2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Beacon has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Federal expenditures for the Community Development Block/Entitlement Grants and HOME Investment Partnerships Program consist of $1,827,729 of new loans received during the year plus the balance at the beginning of the year of loans outstanding from previous years for which the grantor imposes continuing compliance requirements. The COVID-19 loans were to be used to fund operating deficits during the period of April 1, 2020 through September 30, 2021. As of June 30, 2023, $22,397 and $98,024 have been used for eligible purposes at 545 Snelling LLC and 352 Wacouta LLC, respectively. The loan balances for loans outstanding from previous years have not changed as of June 30, 2023.