Notes to SEFA
Title: Note 3 -Relationship to Financial Statements
Accounting Policies: The Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal programs of California Affordable Housing Initiatives, Inc. (CAHI).
De Minimis Rate Used: N
Rate Explanation: The Schedule is presented using the accrual basis of accounting. CAHI did not elect to use the 10% de minimus indirect cost rate pursuant to §200.414 Indirect (F&A) Costs of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
Federal award revenues and expenditures agree to or can be reconciled with the amounts reported in CAHI's financial statements.