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, as applicable, the cost principles contained in OMB Circular
A-122, "Cost Principles for Non-Profit Organizations", and the cost principles contained in the
Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: 25 School Street, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed
under Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the
federal award activity of 25 School Street, Inc., HUD Project No. 023-EE173, under programs of the
federal government for the period July 1, 2021 through June 30, 2022. 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 25 School Street, Inc., it is not intended to and does not
present the financial position, changes in net assets, or cash flows of 25 School Street, Inc. For the
year ended June 30, 2022, no awards were passed through to subrecipients.
Title: U.S. Department of Housing and Urban Development loan program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable, the cost principles contained in OMB Circular
A-122, "Cost Principles for Non-Profit Organizations", and the cost principles contained in the
Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: 25 School Street, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed
under Uniform Guidance.
25 School Street, Inc. 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. 25 School Street, Inc.
received no additional loans during the year. The balance of the loan outstanding at June 30, 2023
consists of Federal Assistance Listing Number 14.157; Program Name - Section 202 Capital Advance; Outstanding Balance at June 30, 2023 - $6,165,000.