Notes to SEFA
Accounting Policies: Basis of Presentation: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal
award activity of the Corporation, 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 operations of the Corporation, it is not intended to and does
not present the financial position, changes in net assets, or cash flows.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 the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Corporation has elected
not to use the 10-percent de minims indirect cost rate allowed under the Uniform Guidance.U.S. Department of Housing and Urban Development Loan Program: The Corporation has received a U.S.
Department of Housing and Urban Development direct loan under Section 202 of the National Housing Act. The loan
balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The
Organization received no additional loans during the year.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected
not to use the 10-percent de minims indirect cost rate allowed under the Uniform Guidance.