Notes to SEFA
Title: NOTE 3 RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
Accounting Policies: NOTE 1 BASIS OF PRESENTATION---The accompanying schedule of expenditures of federal awards includes the federal grant activity of Magnolia Housing Corporation of Natchitoches, Inc., HUD Project No. 064-HD044-WAH-NP-L8, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of the Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------NOTE 2 SUMMARY OF SIGNIFICANT 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Corporation has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal award revenues earned under the Project Rental Assistance Contract are reported in the Corporations Statement of Activities. The mortgage payable of $1,137,700 is reported in the Corporations Statement of Financial Position in long-term liabilities.
Title: NOTE 4 RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
Accounting Policies: NOTE 1 BASIS OF PRESENTATION---The accompanying schedule of expenditures of federal awards includes the federal grant activity of Magnolia Housing Corporation of Natchitoches, Inc., HUD Project No. 064-HD044-WAH-NP-L8, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of the Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------NOTE 2 SUMMARY OF SIGNIFICANT 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Corporation has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Amounts reported above agree with the amounts reported in the related federal financial reports except for changes made to reflect amounts in accordance with accounting principles generally accepted in the United States of America.
Title: NOTE 5 EXPENDITURES OF FEDERAL AWARDS TO SUBRECIPIENTS
Accounting Policies: NOTE 1 BASIS OF PRESENTATION---The accompanying schedule of expenditures of federal awards includes the federal grant activity of Magnolia Housing Corporation of Natchitoches, Inc., HUD Project No. 064-HD044-WAH-NP-L8, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of the Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------NOTE 2 SUMMARY OF SIGNIFICANT 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Corporation has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Corporation did not have expenditures of federal awards to subrecipients.