Notes to SEFA
Title: 1
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance in 2 CFR Part 200, wherein certain types of expenditures are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Church of Christ Non-Profit Housing Corporation d/b/a Church of Christ Senior Housing, Inc. (the Organization), HUD Project No. 044-11129, and is presented on the accrual basis of accounting. 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 . Because the schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not purport to present the financial position, changes in net assets, or cash flows of the Organization.
Title: 5
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance in 2 CFR Part 200, wherein certain types of expenditures are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate.
The following schedule reconciles the insured mortgage loan per the statement of financial position as of December 31, 2023, to the schedule of expenditures of federal awards (SEFA).
Insured mortgage loan per statement of financial position
Short-term portion $ 63,772
Long-term portion 1,648,153
Total loan payable as of December 31, 2023 1,711,925
Add back principal payments made during 2022 61,429
Total insured mortgage loan per SEFA $ 1 ,773,354
Title: 4
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance in 2 CFR Part 200, wherein certain types of expenditures are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate.
The following schedule reconciles the grants and contract revenue of the Organization per the statement of activities as of December 31, 2023, to the schedule of expenditures of federal awards (SEFA).
Total operating revenue per the statement of activities $ 581,670
Less rental income from residents (189,433)
Total Section 8 per SEFA $ 392,237