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 UNIFORM GUIDANCE, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWED OR ARE LIMITED AS TO REIMBURSEMENT. NEGATIVE AMOUNTS SHOWN ON THE SCHEDULE REPRESENT ADJUSTMENTS OR CREDITS MADE IN THE NORMAL COURSE OF BUSINESS TO AMOUNTS REPORTED AS EXPENDITURES IN PRIOR YEARS. PASS-THROUGH ENTITY IDENTIFYING NUMBERS ARE PRESENTED WHERE AVAILABLE.
De Minimis Rate Used: N
Rate Explanation: NO ELECTION HAS BEEN MADE REGARDING THE 10% DE MINIMIS INDIRECT COST RATE.
THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (THE "SCHEDULE") INCLUDES THE FEDERAL GRANT ACTIVITY OF HOUSING OPPORTUNITIES, INC. AND SUBSIDIARIES (THE ORGANIZATION) UNDER PROGRAMS OF THE FEDERAL GOVERNMENT FOR THE YEAR ENDED JUNE 30, 2023. THE INFORMATION IN THE SCHEDULE IS PRESENTED IN ACCORDANCE WITH THE REQUIREMENTS OF THE UNIFORM GUIDANCE. THEREFORE, SOME AMOUNTS PRESENTED IN THE SCHEDULE MAY DIFFER FROM AMOUNTS PRESENTED IN, OR USED IN THE PREPARATION OF, THE BASIC FINANCIAL STATEMENTS. 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 ASSETS, OR CASH FLOWS OF THE ORGANIZATION.
Title: SUBRECIPIENTS
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 UNIFORM GUIDANCE, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWED OR ARE LIMITED AS TO REIMBURSEMENT. NEGATIVE AMOUNTS SHOWN ON THE SCHEDULE REPRESENT ADJUSTMENTS OR CREDITS MADE IN THE NORMAL COURSE OF BUSINESS TO AMOUNTS REPORTED AS EXPENDITURES IN PRIOR YEARS. PASS-THROUGH ENTITY IDENTIFYING NUMBERS ARE PRESENTED WHERE AVAILABLE.
De Minimis Rate Used: N
Rate Explanation: NO ELECTION HAS BEEN MADE REGARDING THE 10% DE MINIMIS INDIRECT COST RATE.
THE ORGANIZATION PROVIDED NO FEDERAL AWARDS TO SUBRECIPIENTS.