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 Uniform Guidance, wherein certain types of expenditures are not allowable or are
limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10% de minimis cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of First Richland Morrow
Housing, Inc., X, DBA Morrow Woods, HUD Project No. 043-EE068 under programs of the federal government for the year
ended December 31, 2023. 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, it is not intended
to and does not present the financial position, changes in net assets or cash flows of First Richland Morrow Housing, Inc., X.
Title: Note D - Loan and Loan Guarantee Programs
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 allowable or are
limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10% de minimis cost rate allowed under the Uniform Guidance.
The outstanding balance of loan and loan guarantee programs at December 31, 2023 with continuing compliance requirements
which are reported as federal expenditures on the accompanying schedule of expenditures of federal awards was $1,374,100.