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. Minority Housing Corporation of Topeka, Jefferson Villas 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: Minority Housing Corporation of Topeka, Jefferson Villas 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 Minority Housing Corporation of Topeka, Jefferson Villas 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 Minority Housing Corporation of Topeka, Jefferson Villas, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Minority Housing Corporation of Topeka, Jefferson Villas.
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. Minority Housing Corporation of Topeka, Jefferson Villas 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: Minority Housing Corporation of Topeka, Jefferson Villas has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Minority Housing Corporation of Topeka, Jefferson Villas has received a U.S. Department of Housing and Urban Development insured loan under Section 207 pursuant to Section 223(f) of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Minority Housing Corporation of Topeka, Jefferson Villas received no additional loans during the year. The balance of the loan outstanding at December 31, 2023 consists of: Federal Assistance Listing Number - 14.155; Program Name - Mortgage Insurance for the Purchase of Existing Multifamily Housing Projects; Outstanding Balance at December 31 2023 - $1233839