Notes to SEFA
Title: NOTE A - 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Morgan Falls Development Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Morgan Falls Development Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Morgan Falls Development 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 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 Morgan Falls Development Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Morgan Falls Development Corporation.
Title: NOTE C – U.S. Department of Housing and Urban Development Loan Program
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Morgan Falls Development Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Morgan Falls Development Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Morgan Falls Development Corporation has received a U.S. Department of Housing and Urban Development Capital Advance under Section 811 of the National Housing Act. The Capital Advance under Section 811 balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Morgan Falls Development Corporation received no additional Capital Advance loans during the year. The balance of the Capital Advance outstanding at December 31, 2023 consists of: Federal Asistance Living Number - 14.181; Program Name - Supportive Housing for Persons with Disabilities (Section 811 Capital Advance); Outstanding Balance at December 31 2023 - $857900