Notes to SEFA
Title: Note 1 - General
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 where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Habitat for Humanity of Michigan, Inc., has elected to not use the 10 percent de minimis indirect cost rate as
allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Habitat for Humanity of Michigan, Inc., and its wholly owned subsidiary (Fair Lending Services) under programs of the federal government for the year ended June 30, 2023. 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 Habitat for Humanity of Michigan, Inc., and Subsidiary it is not intended to and does not present the financial position, changes in net assets, or cash flows of Habitat for Humanity of Michigan, Inc., and Subsidiary.
Title: Note 3 - Subrecipients
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 where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Habitat for Humanity of Michigan, Inc., has elected to not use the 10 percent de minimis indirect cost rate as
allowed under the Uniform Guidance.
Habitat for Humanity of Michigan, Inc., did not provide federal funds to subrecipients for any programs listed in the Schedule of Federal Awards.
Title: Note 4 - Relationship to the Basic Financial Statements'
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 where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Habitat for Humanity of Michigan, Inc., has elected to not use the 10 percent de minimis indirect cost rate as
allowed under the Uniform Guidance.
Federal revenues reported on the statement of activities agrees to the total reported on the schedule of expenditures of federal awards.