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 UNIFORM GUIDANCE, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: N
Rate Explanation: ASI - BOISE, 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 ASSISTANCE PROGRAMS OF ASI - BOISE, INC. 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 ASI - BOISE, INC., IT IS NOT INTENDED TO AND DOES NOT PRESENT THE FINANCIAL POSITION, CHANGES IN NET ASSETS OR CASH FLOWS OF ASI - BOISE, INC.
Title: NOTE B- U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT ADVANCE
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.
De Minimis Rate Used: N
Rate Explanation: ASI - BOISE, INC. HAS ELECTED NOT TO USE THE 10-PERCENT DE MINIMIS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE.
THE PROJECT RECEIVED A CAPITAL ADVANCE FROM HUD UNDER SECTION 811 OF THE NATIONAL AFFORDABLE HOUSING ACT IN THE AMOUNT OF $1,704,000. THE CAPITAL ADVANCE IS NON-INTEREST BEARING AND IS NOT REQUIRED TO BE REPAID SO LONG AS THE HOUSING REMAINS AVAILABLE TO THE ELIGIBLE VERY LOW INCOME HOUSEHOLDS FOR A PERIOD OF 40 YEARS. THE ADVANCE IS SECURED BY A FIRST MORTGAGE ON THE REAL ESTATE FOR A PERIOD OF 40 YEARS. FAILURE TO COMPLY WITH THIS ELIGIBILITY REQUIREMENT WOULD REQUIRE REPAYMENT OF THE ENTIRE CAPITAL ADVANCE PLUS ALLOWABLE INTEREST.