Notes to SEFA
Title: NOTE 1 - 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 Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement. Negative amounts (if any) shown on the Schedule
represent adjustments or credits made in the normal course of business to amounts reported as expenditures
in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Housing Resources,
Inc. has elected to not 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 award
activity of Housing Resources, Inc. under programs of the federal government for the year ended December 31,
2023. 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 Housing Resources, Inc., it is not intended to and does not present the financial position, changes
in net assets or cash flows of Housing Resources, Inc.
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement. Negative amounts (if any) shown on the Schedule
represent adjustments or credits made in the normal course of business to amounts reported as expenditures
in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Housing Resources,
Inc. has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement. Negative amounts (if any) shown on the Schedule
represent adjustments or credits made in the normal course of business to amounts reported as expenditures
in prior years. Pass-through entity identifying numbers are presented where available. Housing Resources,
Inc. has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE 3 - RECONCILIATION WITH AUDITED CONSOLIDATED FINANCIAL STATEMENTS
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 Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement. Negative amounts (if any) shown on the Schedule
represent adjustments or credits made in the normal course of business to amounts reported as expenditures
in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Housing Resources,
Inc. has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The following summary reconciles total federal awards with the audited consolidated financial statements for
the year ended December 31, 2023: