Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activities of G.I.S. Housing, Inc. (the Project), HUD Project No. 067-EH012-L8-WHC FL 29-0706-201. The information in this Schedule is presented in accordance with the requirements of Title 2 Code of Federal Regulations Part 200, Uniform Adminstrative Requirements, Cost Principles, and Audit Requirements of 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, change in net assets, or cash flows of the Project. Expenditures reported on the Schedule are reported onthe 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 limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.