Notes to SEFA
Title: 1. Scope of Audit Pursuant to the Uniform Guidance
Accounting Policies: The Organization’s Schedule of Expenditures of Federal Awards has been prepared using the same basis
of accounting as the December 31, 2023 financial statements of the Organization. The Organization
reports to HUD using the accrual basis of accounting. A complete description of the basis of accounting
is included in note 1 to those financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate allowed
under the Uniform Guidance.
The Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal
award programs of the Organization. All federal awards received directly from federal agencies as well
as federal awards passed through other governmental agencies or other entities are included in the
Schedule. The Organization has elected not to use the 10 percent de minimis indirect cost rate allowed
under the Uniform Guidance.
Title: 2. Basis of Presentation
Accounting Policies: The Organization’s Schedule of Expenditures of Federal Awards has been prepared using the same basis
of accounting as the December 31, 2023 financial statements of the Organization. The Organization
reports to HUD using the accrual basis of accounting. A complete description of the basis of accounting
is included in note 1 to those financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate allowed
under the Uniform Guidance.
The Organization’s Schedule of Expenditures of Federal Awards has been prepared using the same basis
of accounting as the December 31, 2023 financial statements of the Organization. The Organization
reports to HUD using the accrual basis of accounting. A complete description of the basis of accounting
is included in note 1 to those financial statements.
Title: 3. Contingencies
Accounting Policies: The Organization’s Schedule of Expenditures of Federal Awards has been prepared using the same basis
of accounting as the December 31, 2023 financial statements of the Organization. The Organization
reports to HUD using the accrual basis of accounting. A complete description of the basis of accounting
is included in note 1 to those financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate allowed
under the Uniform Guidance.
In connection with various federal grant programs, the Organization is obligated to administer related
programs and spend the funds in accordance with regulatory restrictions and is subject to audit by
grantor agencies and other auditors. In cases of noncompliance, the agencies involved may require the
Organization to refund program funds.
Title: 4. Federally Funded and Insured Loans
Accounting Policies: The Organization’s Schedule of Expenditures of Federal Awards has been prepared using the same basis
of accounting as the December 31, 2023 financial statements of the Organization. The Organization
reports to HUD using the accrual basis of accounting. A complete description of the basis of accounting
is included in note 1 to those financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate allowed
under the Uniform Guidance.
The loan 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 federally insured loan at
December 31, 2023 is $2,305,500.