Notes to SEFA
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. Kalamazoo Non-Profit Housing Corporation has elected not to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Kalamazoo Non-Profit Housing Corporation has elected not to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Kalamazoo Non-Profit Housing Corporation 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 the Project, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Project.
Title: Summary of Significant Accounting Policies
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. Kalamazoo Non-Profit Housing Corporation has elected not to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Kalamazoo Non-Profit Housing Corporation has elected not to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance.
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. Kalamazoo Non-Profit Housing Corporation has elected not to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance.
Title: Capital Advance
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. Kalamazoo Non-Profit Housing Corporation has elected not to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Kalamazoo Non-Profit Housing Corporation has elected not to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance.
Kalamazoo Non-Profit Housing Corporation has received a capital advance under Section 811 Supportive Housing for Persons with Disabilities. The capital advance at the beginning of the year is included in the federal expenditures presented in the Schedule. Kalamazoo Non-Profit Housing Corporation received no additional capital advances during the year. The balance of the capital advance at September 30, 2023 is $1,179,100.
Title: Sub-Recipients
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. Kalamazoo Non-Profit Housing Corporation has elected not to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Kalamazoo Non-Profit Housing Corporation has elected not to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance.
Kalamazoo Non-Profit Housing Corporation did not pass through any awards to sub-recipients from its federal programs during the year ended September 30, 2023.