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 has elected not to use the 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 has elected not to use the 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 has elected not to use the minimis cost rate.
The Organization holds a mortgage refinanced under Section 202 pursuant to Section 223(f) of the National Housing Act during fiscal year 2022. The mortgage balance outstanding at the beginning of the year was $3,172,700. The mortgage balance at December 31, 2023 was $3,135,317.