Notes to SEFA
Title: 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. The Organization has elected to not use the 10% de minimums indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The organization elected to not use the de minimis cost rate.
The accompanying schedule of federal awards ("schedule") includes the federal award and loan activity of the Organization under programs of the federal government for the year ended December 31, 2023. 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"). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: Subrecipients
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 Organization has elected to not use the 10% de minimums indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The organization elected to not use the de minimis cost rate.
For the year ended December 31, 2023, the Organization provided no funds to subrecipients.
Title: Mortgage Balance
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 Organization has elected to not use the 10% de minimums indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The organization elected to not use the de minimis cost rate.
The note payable is provided by HUD, under the Section 202 Housing Act of 1959, and bears no interest. Repayment is not required so long as the project remains available for qualified elderly persons. The debt may not be prepaid prior to the maturity date without the prior written approval of HUD. Provided the housing remains available for occupancy for eligible persons until the maturity date of the note, and the note has not otherwise become due and payable by reason of default under the note, mortgage or Regulatory Agreement, the note will be deemed paid in full on October 29, 2047. The project is pledged as collateral for the note. The note balance outstanding at the beginning of the year was
$2,988,550. The Organization received no additional loans during the fiscal year and the mortgage balance at December 31, 2023 was $2,988,550.