Notes to SEFA
Accounting Policies: Note 1 Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards includes the Federal grant activity of theOldtimers Housing Development Corporation of Chino, HUD Project No. 122EH122WAHL8, and is presentedon the accrual basis of accounting. The information in this schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements,Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in thisschedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.The Corporation has not elected to use the ten percent de minimis cost rate as covered in Section 200.414Indirect (F&A) costs of the Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.