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.
De Minimis Rate Used: N
Rate Explanation: Menno Benevolent Association, Inc. dba Friendship Haven has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Menno Benevolent Association, Inc. dba Friendship Haven 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operating of Menno Benevolent Association, Inc. dba Friendship Haven, and it is not intended to and does not present the financial position, changes in net assets, or cash flows of Menno Benevolent Association, Inc. dba Friendship Haven.
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.
De Minimis Rate Used: N
Rate Explanation: Menno Benevolent Association, Inc. dba Friendship Haven has elected not to use the 10 percent de minimis indirect cost rate as 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.
Title: NOTE 3 – INDIRECT COST RATE
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.
De Minimis Rate Used: N
Rate Explanation: Menno Benevolent Association, Inc. dba Friendship Haven has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Menno Benevolent Association, Inc. dba Friendship Haven has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE 4 – MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS
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.
De Minimis Rate Used: N
Rate Explanation: Menno Benevolent Association, Inc. dba Friendship Haven has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Menno Benevolent Association, Inc. dba Friendship Haven has received mortgage insurance for the purchase or refinancing of existing multifamily housing projects. The balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Menno Benevolent Association, Inc. dba Friendship Haven received no additional loans during the year. The balance of the Mortgage insurance for the purchase or refinancing of existing multifamily housing projects at December 31, 2023 is $1,856,002.