Notes to SEFA
Title: Basis of presentation
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-122, Cost Principles for Non-profit Organizations and Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Assistance Listing numbers ("AL No.") provided when available.
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 expenditures of CCSN McFarland Housing, Inc. (a Nevada non-profit public benefit Organization) under programs of the federal government for the year ended December 31, 2023. The information in the Schedule is presented in accordance with the requirements of Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. For purposes of the Schedule, federal awards include all sub awards to the Organization by nonfederal organizations pursuant to federal grants, contracts and similar agreements.
Title: Oustanding federal loans
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-122, Cost Principles for Non-profit Organizations and Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed. Assistance Listing numbers ("AL No.") provided when available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The following represents the amount of oustanding loans identified AL No. All loans are provided by HUD and are included in the Schedule.
AL No. 14.157; Program title Section 202 Direct Loan; Loans received in 2023 $-; Prior year loans with continuing compliance requirements $3,365,380; Total outstanding loans $3,365,380
14.239; HOME Investment Partnership Program; $-; 500,000; $500,000