Notes to SEFA
Title: 1
Accounting Policies: 2. Summary of Significant Accounting Policies (a)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. Cape Vincent Housing Corp. has elected not to use the 10-percent de minimis cost rate allowed under the Uniform Guidance. (b)The outstanding balance of loan and loan guarantee programs at August 31, 2023 with continuing compliance requirements which are reported as federal expenditures on the accompanying schedule of expenditures of Federal Awards was $2,364,200. The interest subsidy provided by Rural Development was $5,871.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
1. Basis of Presentation The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Cape Vincent Housing Corp. under programs of the federal government for the year ended August 31, 2023. 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). Because the Schedule presents only a selected portion of the operations of the Project, it is not intended to and does not present the Project’s financial position, changes in net assets, or cash flows.
Title: 2
Accounting Policies: 2. Summary of Significant Accounting Policies (a)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. Cape Vincent Housing Corp. has elected not to use the 10-percent de minimis cost rate allowed under the Uniform Guidance. (b)The outstanding balance of loan and loan guarantee programs at August 31, 2023 with continuing compliance requirements which are reported as federal expenditures on the accompanying schedule of expenditures of Federal Awards was $2,364,200. The interest subsidy provided by Rural Development was $5,871.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
2. Summary of Significant Accounting Policies (a)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. Cape Vincent Housing Corp. has elected not to use the 10-percent de minimis cost rate allowed under the Uniform Guidance. (b)The outstanding balance of loan and loan guarantee programs at August 31, 2023 with continuing compliance requirements which are reported as federal expenditures on the accompanying schedule of expenditures of Federal Awards was $2,364,200. The interest subsidy provided by Rural Development was $5,871.