Notes to SEFA
Title: NOTE C – HUD INSURED MORTGAGE
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Jefferson Avenue School Associates, Inc., (JASA) under programs of the federal government for the year ended December 31, 2023. The information is 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 JASA, it is not intended to and does not present the financial position, changes in net assets, or cash flows of JASA.
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: JASA did not use the 10 percent de minimis indirect cost rate.
JASA had the following loan balance outstanding at December 31, 2023. This loan balance as of the begining of the year is included in the federal expenditures presented in the schedule.
Federal CFDA Number: 14.155
Federal Grantor/Pass-through Grantor/Program Title: Section 223(F) Mortgage
Federal Expenditures: $3,042,270