Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable 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. No federal financial assistance has
been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Corporation does not draw for indirect administrative expenses and has not elected to use the 10% de
minimus cost rate.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of The Broadway House Corporation HUD Project No. 123‐11160 (the Corporation) under programs of the federal government for the year ended June 30, 2023. The information 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 the Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Corporation. The Corporation received federal awards directly from federal agencies.
Title: Loan Program
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable 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. No federal financial assistance has
been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Corporation does not draw for indirect administrative expenses and has not elected to use the 10% de
minimus cost rate.
Expenditures reported in this schedule consist of the beginning of the year outstanding loan balance plus advances made on the loan during the year. There were no advances made on the loan during the year ended June 30, 2023. The outstanding balance at June 30, 2023 was $956,914.