Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the accompanying schedule of expenditures of federal awards
(Schedule) are reported on the accrual basis of accounting. Such expenditures are recognized
following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal
Awards, wherein certain types of expenditures are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Community Action Housing Corporation (Region I) has not elected to use the 10-percent de
minimis cost rate as allowed under the Uniform Guidance.
The Schedule includes the federal grant activity of Community Action Housing Corporation
(Region I) 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
(CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements
for Federal Awards (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: U.S. DEPT OF HOUSING & URBAN DEVELOPMENT CAPITAL ADVANCE
Accounting Policies: Expenditures reported on the accompanying schedule of expenditures of federal awards
(Schedule) are reported on the accrual basis of accounting. Such expenditures are recognized
following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal
Awards, wherein certain types of expenditures are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Community Action Housing Corporation (Region I) has not elected to use the 10-percent de
minimis cost rate as allowed under the Uniform Guidance.
Community Action Housing Corporation (Region I) has received a capital advance from the U.S.
Department of Housing and Urban Development under Section 811 of the National Housing Act.
The capital advance does not have to be repaid as long as the housing remains available for very
low-income persons with disabilities for at least 40 years. To protect this capital advance, HUD
requires a note and mortgage, for a 40-year term. The Corporation is not required to repay this
principal or pay interest and the note is forgiven at maturity of June 1, 2048, as long as the
Corporation provides housing for the designated class of people in accordance with applicable
HUD requirements. The loan balance outstanding at the beginning of the year is included in the federal expenditures
presented in the Schedule. Community Action Housing Corporation (Region I) received no
additional loans during the year. The balance of the loan outstanding at June 30, 2023 consists
of: SEE THE NOTES TO THE SEFA FOR THE CHART/TABLE.