Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles contained in the Uniform Guidance or OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to eimbursement.
De Minimis Rate Used: Y
Rate Explanation: Mercy Housing and Shelter Corporation has elected to use the 10 percent de minimis indirect rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Mercy Housing and Shelter Corporation under programs of the federal
government for the year ended June 30, 2022. 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 Mercy Housing and Shelter Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Mercy Housing and Shelter Corporation.
Title: Fee for Service Revenue
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles contained in the Uniform Guidance or OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to eimbursement.
De Minimis Rate Used: Y
Rate Explanation: Mercy Housing and Shelter Corporation has elected to use the 10 percent de minimis indirect rate as allowed under the Uniform Guidance.
Mercy Housing and Shelter Corporation received fee for service revenue from a state agency for the year ended . The Organization is considered to be a vendor under this arrangement. The fee for service revenue detailed below represents actual revenue recognized under this arrangement and not actual expenditures incurred.
Grantor/Program Title - U.S Department of Health and Human Services/FFS Housing
Federal Assistance Listing Number - 14.267 Amount - $ 23,623