Notes to SEFA
Accounting Policies: NOTE A - BASIS OF PRESENTATION
The schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Northaven 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. Because the Schedule presents only a selected portion of financial information of Northaven it is not intended to and does not present the financial position, changes in net assets or cash flows of Northaven.
NOTE B - SIGNIFICANT ACCOUNTING POLICIES
Northaven has elected not to use the 10% de minimis indirect cost rate.
NOTE C - LOAN PROGRAMS
Northaven included on the schedule of expenditures of federal awards the following loans 14.155 Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects $3,768,663 14.155 Residual Receipts Loan $2,882,316
De Minimis Rate Used: N
Rate Explanation: Northaven has elected not to use the 10% de minimis indirect cost rate.