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. Metropolitan Alternative Housing Corporation II has elected not to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Metropolitan Alternative Housing Corporation II 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 Metropolitan Alternative Housing Corporation II 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. Metropolitan Alternative Housing Corporation II has elected not to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Metropolitan Alternative Housing Corporation II 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. Metropolitan Alternative Housing Corporation II has elected not to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance.
Title: 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. Metropolitan Alternative Housing Corporation II has elected not to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Metropolitan Alternative Housing Corporation II has elected not to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance.
Metropolitan Alternative Housing Corporation II has received a U.S. Department of Housing and Urban Development direct loan under Section 223(f) 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. Metropolitan Alternative Housing Corporation II received no additional loans during the year. The balance of the loan outstanding at September 30, 2023 is $663,954.
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. Metropolitan Alternative Housing Corporation II has elected not to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Metropolitan Alternative Housing Corporation II has elected not to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance.
Metropolitan Alternative Housing Corporation II did not pass through any awards to sub-recipients from its federal programs during the year ended September 30, 2023.