Notes to SEFA
Title: 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. The 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance is not applicable to the Organization since the Organization has no cost
reimbursable grants or contracts
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award
activity of Fraser Independent Living Project V, Hopkins Court, HUD Project No. 092-HD072 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 the Project, it is not intended to and does not present the financial
position, changes in net deficit, or cash flows of Fraser Independent Living Project V, Hopkins Court, HUD
Project No. 092-HD072.
Title: 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. The 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance is not applicable to the Organization since the Organization has no cost
reimbursable grants or contracts
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
Hopkins Court has received a U.S. Department of Housing and Urban Development direct loan under Section
811 Capital Advance of the National Housing Act. In addition, Hopkins Court has received a loan under the
HOME Investment Partnerships Program Loan, passed through from the Hennepin Housing Consortium of
Hennepin County. The loan balances outstanding at the beginning of the year are included in the federal
expenditures presented in the Schedule. Hopkins Court received no additional loans during the year