Notes to SEFA
Title: SCOPE OF AUDIT PURSUANT TO THE UNIFORM GUIDANCE
Accounting Policies: BASIS OF ACCOUNTING - Building Futures, 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 expneditures in the schedule.
De Minimis Rate Used: N
Rate Explanation: Buidling Futures, Inc. did not elect to use the 10% de minimis indirect cost rate allowed when computing the schedule of expenditures of federal awards.
All significant federal programs of Building Futures, Inc. are included in the scope of the Uniform Guidance (the "Single Audit").
Title: FISCAL PERIOD AUDITED
Accounting Policies: BASIS OF ACCOUNTING - Building Futures, 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 expneditures in the schedule.
De Minimis Rate Used: N
Rate Explanation: Buidling Futures, Inc. did not elect to use the 10% de minimis indirect cost rate allowed when computing the schedule of expenditures of federal awards.
Single Audit testing procedures were performed for program transactions occuring during the fiscal year ended June 30, 2023. 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.