Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the GAAP 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 are limited as to reimbursement.
Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the De Minimis10% Indirect Cost Rate
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of
Sheltering Arms Housing Corporation 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
Part 200, Uniform Administrative Requirement, Cost Principles, and Audit Requirements for Federal Awards (Uniform
Guidance). Because the Schedule presents only a selected portion of operations of Sheltering Arms Housing Corporation, it
is not intended to and does not present the financial position, changes in net assets, or cash flows of Sheltering Arms
Housing Corporation.
Title: BALANCE OF OUTSTANDING LOAN
Accounting Policies: Expenditures reported on the Schedule are reported on the GAAP 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 are limited as to reimbursement.
Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the De Minimis10% Indirect Cost Rate
The balance of the Section 811 loan as of June 30, 2023 was $1,600,600