Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of New Pilgrim Homes, Inc. HUD Project No. 062-EH006, 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 (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. The oustanding balance of the HUD insured section 223 (f) mortgage note payable is $6,212,364 at September 30, 2021.
De Minimis Rate Used: N
Rate Explanation: The project elected not to use the 10% de minimus cost rule.