Notes to SEFA
Title: NOTE 1 – 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. St. Theresa House, Inc. 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: St. Theresa House, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance
The accompanying schedule of expenditures of federal awards includes the federal award activity of St. Theresa House, Inc. and is presented on the accrual basis of accounting. 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 St. Theresa House, Inc. it is not intended to and does not present the financial position, changes in net assets, or cash flows of St. Theresa House, Inc. For the year ended September 30, 2023, no awards were passed through to subrecipients.
Title: NOTE 3 – U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
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. St. Theresa House, Inc. 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: St. Theresa House, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance
St. Theresa House, Inc. has received a U.S. Department of Housing and Urban Development direct loan under Section 202 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. St. Theresa House, Inc. received no additional loans during the year. The balance of the loan outstanding at September 30, 2023 consists of Assistance Listing Outstanding Balance at
Number Program Name September 30, 2023
14.157 Section 202 Supportive $3,994,300
Housing for the Elderly
Title: NOTE 4 - FINDING OF NONCOMPLIANCE
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. St. Theresa House, Inc. 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: St. Theresa House, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance
There were no findings of noncompliance identified in connection with the Company’s single audit for the year ended September 30, 2023.