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. King Creek Cottages, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: King Creek Cottages, 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 (the 'Schedule') includes the federal award activity of King Creek Cottages, 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 King Creek Cottages, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of King Creek Cottages, Inc.
Title: LOAN OUTSTANDING
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. King Creek Cottages, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: King Creek Cottages, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
King Creek Cottages, Inc. had the following loan balance, related to federal awards, outstanding as of December, 31, 2023: Program Title: Supportive Housing for Persons with Disabilities (Section 811) - Capital Advance Grant; Assistance Listing Number: 14.181; Amount Outstanding: $866,000.