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 the cost principles contained in the OMB Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Included in the total Federal Expenditures are loans with balances $846,375 and $1,020,084, respectively, at December 31, 2023 for the Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, and Flexible Subsidy Residual Receipts Note.
De Minimis Rate Used: N
Rate Explanation: Atchison Terrace, Inc. has elected not to use the 10 percent deminimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Atchison Terrace, Inc. (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 (the “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, change in net deficit, or cash flows of the Organization.