Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Summary of Significant 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.
De Minimis Rate Used: N
Rate Explanation: Indirect Costs - The Project has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Carty Heights HUD Project No. 092-EE109 (the “Project”) under a program 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, Cost Principles, and Audit Requirements for Federal Awards (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of Carty Heights (HUD Project No. 092-EE109), it is not intended to and does not present the financial position, changes in net assets, or cash flows of Carty Heights (HUD Project No. 092- EE109).
Title: U.S. Department of Housing and Urban Development Section 202 Supportive Housing for the Elderly
Accounting Policies: Summary of Significant 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.
De Minimis Rate Used: N
Rate Explanation: Indirect Costs - The Project has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Carty Heights (HUD Project No. 092-EE109) received a capital advance from the U.S. Department of Housing and Urban Development under Section 202 of the National Housing Act that has been accounted for as a contribution and is reported in net assets with donor restrictions in the Project’s financial statements. The capital advance balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Project received no additional capital advances during the year. The balance of the capital advance outstanding at December 31, 2023, was $5,896,800.
Title: Subrecipient
Accounting Policies: Summary of Significant 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.
De Minimis Rate Used: N
Rate Explanation: Indirect Costs - The Project has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Project passed no federal awards through to subrecipients.