Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting, which conforms to accounting principles generally accepted in the United States of America. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee does not have any indirect costs
The schedule of expenditures of federal awards (the schedule) includes the federal award activity of Iowa Odd Fellows Housing Corporation 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 (CFR) 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 Iowa Odd Fellows Housing Corporation, it is not intended to be and does not present the financial position, changes in net assets, or cash flows of Iowa Odd Fellows Housing Corporation.
Title: Subrecipients
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting, which conforms to accounting principles generally accepted in the United States of America. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee does not have any indirect costs
There were no awards passed through to subrecipients.
Title: Loans
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting, which conforms to accounting principles generally accepted in the United States of America. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee does not have any indirect costs
The federal expenditure amount of $1,514,870 represents an outstanding mortgage note with the U.S. Department of Housing and Urban Development. The note requires the Project to make monthly installments of $8,761, including interest at 3.30%, through the year 2042.