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 Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement. Cal-
Met Development. Inc. has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Cal-
Met Development. Inc. has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award
activity of Cal-Met Development. Inc., HUD Project No. 071-11560, 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). Because the schedule presents only a selected portion of the operations of Cal-Met
Development. Inc., it is not intended to and does not present the financial position, changes in
net assets, or cash flows of Cal-Met Development. Inc.
Title: Summary of Significant Accounting Policies
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 Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement. Cal-
Met Development. Inc. has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Cal-
Met Development. Inc. has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
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 are limited as to reimbursement. Cal-
Met Development. Inc. has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
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 Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement. Cal-
Met Development. Inc. has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Cal-
Met Development. Inc. has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
Cal-Met Development. Inc. has received a U.S. Department of Housing and Urban Development
insured loan under Section 207 Pursuant to Section 223(f) of the National Housing Act. The
value of new loans received during the audit period is included in the federal expenditures
presented in the Schedule. The balance of the loan outstanding at October 31, 2023, consists
of:
ALN
Program Name
Outstanding Balance at
October 31, 2023
14.155 Section 207 Pursuant to
Section 223(f) HUD-Insured
Mortgage
6,048,000