Notes to SEFA
Accounting Policies: Basis of Presentation
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal financial assistance activity of Epiphany Housing, Inc. (the Project) and is presented on the accrual basis of accounting. For purposes of this schedule, federal financial awards include an insured mortgage payable entered into by the Project. 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 assets, or cash flows of the Project.
Federal expenditures of $2,651,646 are comprised of $598,376 in current year expenditures and the outstanding balance of the insured mortgage payable by the U.S. Department of Housing and Urban Development and related grant funds totaling $2,053,270 as of December 31, 2023, which is required to be included each year the federal government imposes compliance requirements on the program funded by the original loan.
Subrecipients
Of the federal expenditures presented in the Schedule, the Project provided no awards to subrecipients.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate
The Project has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.