Audit 303078

Accounting Policies: SEBASTOPOL AREA HOUSING CORPORATION HUD Project No. 121-44304-NP NOTES TO SCHEDULE OF FEDERAL AWARDS NOTE A: BASIS OF PRESENTATION The accompanying schedule of expenditures of Federal awards includes the Federal award activity of Sebastopol Area Housing Corporation, under programs of the federal government for the year ended November 30, 2023 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 selected portion of the operations of Sebastopol Area Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Sebastopol Area Housing Corporation NOTE B: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the schedule are 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 allowed or are limited to reimbursements. Sebastopol Area Housing Corporation has elected not to use the 10 percent de minimis indirect cost rate allowed under Uniform Guidance. De Minimis Rate Used: N Rate Explanation: N/A