Notes to SEFA
Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: (1) 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.
(2) Caspian Housing Corporation has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Caspian Housing Corporation has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Caspian Housing Corporation under programs of the federal government for the year ended December 31, 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 Caspian Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Caspian Housing Corporation.
Title: NOTE B - OVERSIGHT AGENCY
Accounting Policies: (1) 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.
(2) Caspian Housing Corporation has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Caspian Housing Corporation has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The U.S. Department of Housing and Urban Development is the current year's oversight agency for the single audit as determined by the agency providing the largest share of the Agency's federal financial assistance.
Title: NOTE C – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: (1) 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.
(2) Caspian Housing Corporation has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Caspian Housing Corporation has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
(1) 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.
(2) Caspian Housing Corporation has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE D – FEDERAL GRANT RECEIPTS
Accounting Policies: (1) 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.
(2) Caspian Housing Corporation has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Caspian Housing Corporation has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
All federal grant receipts of Caspian Housing Corporation are included in the scope of this report.
Title: NOTE E – LOAN & LOAN GUARANTEE PROGRAMS
Accounting Policies: (1) 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.
(2) Caspian Housing Corporation has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Caspian Housing Corporation has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Caspian Housing Corporation’s basic financial statements include a loan obtained from the U.S. Department of Housing and Urban Development under Section 223(f) of the National Housing Act. Loans outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at December 31, 2023 for the Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Projects – AL # 14.155 loan is $849,370.