Notes to SEFA
Title: 1. Basis of Presentation
Accounting Policies: 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
Company has not elected to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: See Summary of Significant Accounting Policies note above.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the
federal award activity of Spruce Place Inc. (the “Company”) 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 Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (the “Uniform Guidance”). Because the
Schedule presents only a selected portion of the operations of Spruce Place Inc., it is not intended
to and does not present the financial position, changes in net assets, or cash flows of the Company.
Title: 3. U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: 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
Company has not elected to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: See Summary of Significant Accounting Policies note above.
The Company has received loans funded by programs of U.S. Department of Housing and Urban
Development. The loan balances outstanding at the beginning of the year are included in the federal
expenditures presented in the Schedule. Such balances have been included as net assets with donor
restrictions in the financial statements of the Company as of June 30, 2023 since the likelihood of
repayment is remote. The Company received no additional loans during the year ended June 30,
2023. The balance of the loans outstanding at June 30, 2023 consists of:
CFDA Number Program Name Outstanding Balance
14.181 Supportive Housing for Persons
with Disabilities (Section 811) $1,982,800
14.239 Home Investment Partnerships Program 830,000
Total $2,812,800