Notes to SEFA
Accounting Policies: The schedule of expenditures of federal awards the “Schedule” includes the federal award activity of
1712 and 1715 Housing Development Fund Company, Inc., HUD Project No. 012-197NI under
programs of the federal government for the year ended May 31, 2021. 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 operations of
1712 and 1715 Housing Development Fund Company, Inc., it is not intended to and does not present
the financial position, changes in net assets, or cash flows of 1712 and 1715 Housing Development
Fund Company, Inc.
De Minimis Rate Used: N
Rate Explanation: 1712 and 1715 Housing Development Fund Company, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.