Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of Middle Creek Housing Corporation, HUD Project No. 064-35352, 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 Middle Creek Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Middle Creek Housing Corporation.
De Minimis Rate Used: N
Rate Explanation: Middle Creek Housing Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of Middle Creek Housing Corporation, HUD Project No. 064-35352, 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 Middle Creek Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Middle Creek Housing Corporation.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of Middle Creek Housing Corporation, HUD Project No. 064-35352, 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 Middle Creek Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Middle Creek Housing Corporation.
De Minimis Rate Used: N
Rate Explanation: Middle Creek Housing Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
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. Middle Creek Housing Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE C – U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of Middle Creek Housing Corporation, HUD Project No. 064-35352, 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 Middle Creek Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Middle Creek Housing Corporation.
De Minimis Rate Used: N
Rate Explanation: Middle Creek Housing Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Middle Creek Housing Corporation has received a U.S. Department of Housing and Urban Development direct loan under Section 221 of the National Housing Act. The loan balance outstanding at December 31, 2023 is $1,151,466. Middle Creek Housing Corporation received no additional loans during the year.