Notes to SEFA
Title: NOTE 3
Accounting Policies: BASIS OF ACCOUNTING Building Futures IV, Inc. prepares its financial statements in accordance with the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations. The outstanding loan balance for the Section 811 capital advance is included in the federal expenditures in the schedule.
De Minimis Rate Used: N
Rate Explanation: INDIRECT COSTS - Building Futures IV, Inc. did not elect to use the 10% de minimis indirect cost rate allowed when computing the amounts in the schedule of expenditures of federal awards.
SCOPE OF AUDIT PURSUANT TO THE UNIFORM GUIDANCE - All significant federal programs of Building Futures IV, Inc. are included in the scope of the Uniform Guidance (the Single Audit).
Title: NOTE 4
Accounting Policies: BASIS OF ACCOUNTING Building Futures IV, Inc. prepares its financial statements in accordance with the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations. The outstanding loan balance for the Section 811 capital advance is included in the federal expenditures in the schedule.
De Minimis Rate Used: N
Rate Explanation: INDIRECT COSTS - Building Futures IV, Inc. did not elect to use the 10% de minimis indirect cost rate allowed when computing the amounts in the schedule of expenditures of federal awards.
FISCAL PERIOD AUDITED - Single Audit testing procedures are performed for program transactions occurring during the year ended September 30, 2022. Expenditures in the Schedule of Expenditures of Federal Awards represent loans guaranteed by the U.S. Department of Housing and Urban Development (HUD) pursuant to the HUD regulatory agreement.