Notes to SEFA
Title: 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Western N.C. Housing Partnership, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Western N.C. Housing Partnership, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying consolidated schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Western N.C. Housing Partnership, Inc., 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 Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Western N.C. Housing Partnership, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Western N.C. Housing Partnership, Inc.
Title: LOAN OUTSTANDING
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Western N.C. Housing Partnership, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Western N.C. Housing Partnership, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Western N.C. Housing Partnership, Inc. had the following loan balances outstanding as of December 31, 2023: Program Title - Assistance Listing Number - Amount Outstanding; Rural Rental Housing Loans Program - 10.415 - $658,196; Pass-through City of Lenoir: HOME Investment Partnerships Program - 14.239 - $43,750; Total - $701,946.