Notes to SEFA
Title: NOTE 1 – 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 and OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Interfaith Homes of Longmeadow, Inc-Emerson Manor did not elect to use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of, HUD Project Number 023-35349 under programs of the federal government for the year ended. The information in this schedule is presented in accordance with the requirements of the 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: NOTE 2 – 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 and OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Interfaith Homes of Longmeadow, Inc-Emerson Manor did not elect to use the de minimis cost rate.
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 and OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Interfaith Homes of Longmeadow, Inc-Emerson Manor did not elect to use the de minimis cost rate.
Title: NOTE 3 – LOANS OUTSTANDING
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 and OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Interfaith Homes of Longmeadow, Inc-Emerson Manor did not elect to use the de minimis cost rate.
The Project had the following loan balances outstanding at September 30, 2023. This mortgage note payable is included in the federal expenditures presented in the Schedule. The balance of the loan outstanding at consists of: Balance, October 1, 2022 - $ 4,942,695, Principal repayments - (115,974), Balance, September 30, 2023 - $ 4,826,721.