Notes to SEFA
Title: Note C:
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the
Property and is presented on the accrual basis of accounting. The information on 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 . Therefore, some
amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the
basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10-percent de minimis indirect cost rate.
During the year ended June 30, 2023, the Organization had no sub-recipients.
Title: Note D:
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the
Property and is presented on the accrual basis of accounting. The information on 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 . Therefore, some
amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the
basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10-percent de minimis indirect cost rate.
The Organization has received a loan funded by programs of U.S. Department of Housing and Urban
Development. The loan is included in the federal expenditures presented in the schedule of expenditures of
federal awards. The balance of the loan outstanding at June 30, 2023 is $3,938,514.