Notes to SEFA
Title: Note 3
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activities ofG.I.S. Housing, Inc. (the Project), HUD Project No. 067-EH012-L8-WHC FL 29-0706-201. The informationin this schedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards (Uniform Guidance). Because the schedule presents only a selected portion of theoperations of the Project, it is not intended to and does not present the financial position, changes in netassets, or cash flows of the Project.Some amounts presented in the schedule may differ from amounts presented or used in the preparationof the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to reimbursement.