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 the 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: Lutheran Nonprofit Housing Corporation - Calvary 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 (the “Schedule”) includes the federal award
activity of Lutheran Nonprofit Housing Corporation - Calvary 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 Lutheran Nonprofit Housing Corporation - Calvary, it is not intended to
and does not present the financial position, changes in net deficit or cash flows of Lutheran Nonprofit Housing
Corporation - Calvary.
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 the 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: Lutheran Nonprofit Housing Corporation - Calvary has elected not to 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 the 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. Lutheran
Nonprofit Housing Corporation - Calvary has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
Title: NOTE 3 ‐ 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. 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: Lutheran Nonprofit Housing Corporation - Calvary has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Lutheran Nonprofit Housing Corporation - Calvary has a capital advance insured by U.S. Department of Housing
and Urban Development under Section 202 of the National Housing Act. The advance is included in the federal
expenditures presented in the Schedule. Lutheran Nonprofit Housing Corporation - Calvary received no
additional capital advances, or loans, during the year. The balance of the advance at December 31, 2023, was
$5,404,191.