Notes to SEFA
Title: Basis of Presentation
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 is not using the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Corporation is not using the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant and
loan guarantee activity of Cobb Center, Inc. (the Corporation) and is presented on the accrual basis of
accounting. This method is consistent with the method used in the preparation of the Corporation’s financial
statements. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S.
Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and
Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of the operations of the Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Corporation.
Title: Guaranteed Loan Outstanding
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 is not using the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Corporation is not using the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Corporation received a U.S. Department of Housing and Urban Development loan guarantee. The loan balance at the beginning of the year is included in the federal expenditures presented in the Schedule. The Corporation received no additional loans during the year. The balance of the loan outstanding at June 30, 2023, is as follows: Program Title Mortgage Insurance - Rental Housing for the Elderly Federal CFDA Number 14.138 Amount Guaranteed $796,806