Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting.Such expenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or not limited as toreimbursement. Cranbrook Village Cooperative has elected not to use the 10-percent deminimis 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) includesthe federal award activity of Cranbrook Village Cooperative under programs of thefederal government for the year ended December 31, 2022. The information in thisSchedule is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles,and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedulepresents only a selected portion of the operations of Cranbrook Village Cooperative, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Cranbrook Village Cooperative.
Title: U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting.Such expenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or not limited as toreimbursement. Cranbrook Village Cooperative has elected not to use the 10-percent deminimis 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.
Cranbrook Village Cooperative has received a U.S. Department of Housing and UrbanDevelopment insured loan and direct loans. The loan balances outstanding at thebeginning of the year are included in the federal expenditures presented in theSchedule. The loans accrued interest during the year. No additional loans werereceived. The loans were paid off during the year and no outstanding balancesremained at December 31, 2022.