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. Negative amounts shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in the prior years.
De Minimis Rate Used: N
Rate Explanation: The entity's cost rate is determined by the amount of funding allocated to various departments required by the grantor. These departements encompasses direct and indirect costs.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Southwest Regional Housing and Community Development 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 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 Southwest Regional Housing and Community Development Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Southwest Regional Housing and Community Development Corporation.
Title: Summary of Significant Accounting Policies
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. Negative amounts shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in the prior years.
De Minimis Rate Used: N
Rate Explanation: The entity's cost rate is determined by the amount of funding allocated to various departments required by the grantor. These departements encompasses direct and indirect costs.
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 the prior years. Southwest Regional Housing and Community Development Corporation has elected not to use the 10-percent de Minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Loans Outstanding
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. Negative amounts shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in the prior years.
De Minimis Rate Used: N
Rate Explanation: The entity's cost rate is determined by the amount of funding allocated to various departments required by the grantor. These departements encompasses direct and indirect costs.
Southwest Regional Housing and Community Development Corporation has no loans outstanding as of December 31, 2023
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. Negative amounts shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in the prior years.
De Minimis Rate Used: N
Rate Explanation: The entity's cost rate is determined by the amount of funding allocated to various departments required by the grantor. These departements encompasses direct and indirect costs.
Of the federal expenditures presented in the schedule, Southwest Regional Housing and Community Development Corporation provided no federal awards to subrecipients.