Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying Schedule has been prepared on the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of the 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 the Schedule may differ from amounts presented in or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: In the absence of a federally approved indirect cost rate, the Corporation has elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of all federal awards of Walton Avenue Senior Housing Development Fund Corporation - Fannie Lou Hammer Houses, HUD Project No. 012-EH696 NY36-T891- 006 (the “Corporation”) under program of the federal government for the year ended June 30, 2023. The Corporation is described in the notes to the Corporation’s financial statements. All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, is included in the Schedule.
Title: FEDERAL LOAN PROGRAM
Accounting Policies: The accompanying Schedule has been prepared on the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of the 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 the Schedule may differ from amounts presented in or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: In the absence of a federally approved indirect cost rate, the Corporation has elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
The federal loan program listed on the Schedule is administered directly by the Corporation and balances and transactions relating to the programs are included in the Corporation's basic financial statements. The loan outstanding at June 30, 2023 amounting to $7,413,120 is included in the federal expenditures presented in the Schedule.