Notes to SEFA
Title: Note 3. – Federally Funded and Insured Mortgages
Accounting Policies: Note 1. – Basis of Presentation: The Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of
The Riese St. Mary's Corporation The Monsignor Joseph R. Brestel Residence HUD Project No. 031-
EH066 (the “Project”) under programs of the federal government for the year ended December 31,
2023. The information on this Schedule is prepared 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 the Project, it is not intended to and does not present the financial
position, changes in net assets, or cash flows of the Project. Note 2. – Summary of Significant 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 Uniform Guidance, wherein
certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
During the year ended December 31, 2023. The Project did not provide any funds relating to their
federal programs to subrecipients. The Project has elected not to use the 10-percent de minimis indirect
cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The mortgage balance at the beginning of the year and loans made during the year are included in the
federal expenditures presented in the Schedule. The balance of the outstanding insured mortgage at
December 31, 2023 is $243,369.