Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of
Saint Alban's Housing Corporation 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 the Uniform Guidance. Because the Schedule presents only a selected portion of the
operations of Saint Alban's Housing Corporation, it is not intended to and does not present the
financial position, changes in net assets or cash flows of Saint Alban's Housing Corporation.
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. Negative
amounts shown on the Schedule represent adjustments or credits made in the normal course of
business to amounts reported as expenditures in prior years. Passthrough entity identifying numbers
are presented where applicable. The Corporation has elected not to use the 10% de minimis indirect
cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10% de minimis indirect
cost rate allowed under the Uniform Guidance.