Notes to SEFA
Title: Note A - 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 limited as to reimbursement. Hancock County Homes Foundation, d/b/a Meadow View Apartments, USDA RD Project No. 01-2-357232994 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: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Hancock County Homes Foundation, d/b/a Meadow View Apartments, USDA RD Project No. 01-2-357232994, under programs of the federal government for the year ended June 30, 2023. 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Hancock County Homes Foundation, d/b/a Meadow View Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Hancock County Homes Foundation, d/b/a Meadow View Apartments.
Title: NOTE B – 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to reimbursement. Hancock County Homes Foundation, d/b/a Meadow View Apartments, USDA RD Project No. 01-2-357232994 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: 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to reimbursement. Hancock County Homes Foundation, d/b/a Meadow View Apartments, USDA RD Project No. 01-2-357232994 has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE C – Rural Rental Housing Loans
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 limited as to reimbursement. Hancock County Homes Foundation, d/b/a Meadow View Apartments, USDA RD Project No. 01-2-357232994 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: The auditee did not use the de minimis cost rate.
The rural rental housing loan programs listed subsequently are administered directly by Hancock County Homes Foundation, d/b/a Meadow View Apartments, USDA RD Project No. 01-2-357232994, and balances and transactions relating to these programs are included in Hancock County Homes Foundation, d/b/a Meadow View Apartments, USDA RD PROJECT NO. 01-2-357232994 basic financial statements. Loans outstanding at the beginning of year and loans made during the year are included in the federal expenditures presented in the Schedule. The balances of loans outstanding at June 30, 2023, $2,327,799