Notes to SEFA
Title: 1. Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal
grant activity of Salem Homes 2004, Inc. and is presented on the accrual basis
of accounting. The information in this schedule is presented in accordance with
the requirements of the Uniform Guidance, Audits of States, Local Governments,
and Non-Profit Organizations. Therefore, some amounts presented in this schedule
may differ from amounts presented in, or used in the preparation of the basic
financial statements.
De Minimis Rate Used: N
Rate Explanation: The Project 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
grant activity of Salem Homes 2004, Inc. and is presented on the accrual basis
of accounting. The information in this schedule is presented in accordance with
the requirements of the Uniform Guidance, Audits of States, Local Governments,
and Non-Profit Organizations. Therefore, some amounts presented in this schedule
may differ from amounts presented in, or used in the preparation of the basic
financial statements.
Title: 2. Non-cash Federal Assistance
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal
grant activity of Salem Homes 2004, Inc. and is presented on the accrual basis
of accounting. The information in this schedule is presented in accordance with
the requirements of the Uniform Guidance, Audits of States, Local Governments,
and Non-Profit Organizations. Therefore, some amounts presented in this schedule
may differ from amounts presented in, or used in the preparation of the basic
financial statements.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
The Project did not receive any non-cash Federal assistance for the year ended
December 31, 2023.
Title: 3. Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal
grant activity of Salem Homes 2004, Inc. and is presented on the accrual basis
of accounting. The information in this schedule is presented in accordance with
the requirements of the Uniform Guidance, Audits of States, Local Governments,
and Non-Profit Organizations. Therefore, some amounts presented in this schedule
may differ from amounts presented in, or used in the preparation of the basic
financial statements.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
The Project has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.