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. Any negative amounts shown on the schedule represent adjustments or credits made in the normal course of operations to amounts reported as expenditures in prior years. Pass‐through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Santa Monica Christian Towers, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Santa Monica Christian Towers, Inc. HUD Project No. 122SH088 under programs of the federal government for the year ended December 31, 2023. The information in this schedule is presented in accordance with the audit 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 Santa Monica Christian Towers, Inc. HUD Project No. 122SH088, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Santa Monica Christian Towers, Inc. HUD Project No. 122SH088.
Title: Loans Outstanding at End of Period
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. Any negative amounts shown on the schedule represent adjustments or credits made in the normal course of operations to amounts reported as expenditures in prior years. Pass‐through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Santa Monica Christian Towers, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
As of December 31, 2023, outstanding federally-funded program loans with continuing compliance requirements are as follows: CFDA No. 14.157, Supportive Housing for the Elderly - Section 201, Earthquake Flexible Subsidy Program Loan Outstanding loan balance: $1,799,088; Continuing compliance requirements balance: $1,799,088