Notes to SEFA
Title: Basis of Presentation
Accounting Policies: General, Basis of Accounting and Indirect Cost Rate
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes
the federal award activity of Richmond Realty, LLC (the “Organization”) 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 the Organization, it is not intended to and does
not present the financial position, changes in net deficit, or cash flows of the Organization.
Title: Basis of Accounting
Accounting Policies: General, Basis of Accounting and Indirect Cost Rate
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
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.
Title: De Minimus Cost Rate
Accounting Policies: General, Basis of Accounting and Indirect Cost Rate
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The Organization has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: U.S. Department Of Housing and Urban Development Loan Program
Accounting Policies: General, Basis of Accounting and Indirect Cost Rate
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The Organization has received a U.S. Department of Housing and Urban Development
direct loan under Section 232 of the National Housing Act. The loan balance outstanding
at the beginning of the year is included in the federal expenditures presented in the Schedule.
The Organization received no additional loans during the year. The loan balance outstanding
at the end of the year was $2,521,215.
Title: Subrecipients
Accounting Policies: General, Basis of Accounting and Indirect Cost Rate
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The Organization did not pass any federal awards to subrecipients.