Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting and are presented in accordance with accounting principles generally accepted in the United States. 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.
De Minimis Rate Used: N
Rate Explanation: The Organizations have elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of Fairport Baptist Homes Caring Ministries and Affiliates (the Organizations) under programs of the federal government for the year ended December 31, 2023. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostM Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of operations of the Organizations, it is not intended to and does not present the financial position, change in net assets, or cash flows of the Organizations.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting and are presented in accordance with accounting principles generally accepted in the United States. 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.
De Minimis Rate Used: N
Rate Explanation: The Organizations have elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported in the Schedule are reported on the accrual basis of accounting and are presented in accordance with accounting principles generally accepted in the United States. 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.
Title: INSURED MORTGAGE
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting and are presented in accordance with accounting principles generally accepted in the United States. 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.
De Minimis Rate Used: N
Rate Explanation: The Organizations have elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
The Organizations obtained a mortgage guarantee from HUD. The outstanding balance of this mortgage at December 31, 2023 was $7,594,381.
Title: INDIRECT COSTS
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting and are presented in accordance with accounting principles generally accepted in the United States. 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.
De Minimis Rate Used: N
Rate Explanation: The Organizations have elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
The Organizations have elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.