Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying Schedule is presented using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). 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.
De Minimis Rate Used: N
Rate Explanation: The Group has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal, state and city awards (the "Schedule") includes the federal, state and city award activity of COMHAR, Inc. and Affiliates (the “Group”) under programs of the federal, state and city governments for the year ended June 30, 2023. All awards received directly from federal, state or city agencies as well as awards passed through other governmental agencies are presented on the Schedule. 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") and the City of Philadelphia Subrecipient Audit Guide. Because the Schedule presents only a selected portion of the operations of the Group, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Group.
Title: PASS THROUGH AWARDS TO SUBRECIPIENTS
Accounting Policies: The accompanying Schedule is presented using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). 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.
De Minimis Rate Used: N
Rate Explanation: The Group has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Group had no awards that were passed through to subrecipients during the year ended June 30, 2023.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: The accompanying Schedule is presented using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). 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.
De Minimis Rate Used: N
Rate Explanation: The Group has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Group has received U.S. Department of Housing and Urban Development direct loans. The loan balance outstanding at the beginning of the year is included in the schedule of expenditures of federal, state and city awards. The Group received no additional loans during the year. The activity of the loans during the years ended June 30, 2023 and 2022 is as follows: