Notes to SEFA
Accounting Policies: This accompanying schedule of Expenditures of Federal Awards includes the federal grant activity of Arirang Housing, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 Arirang Housing, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flow of Arirang Housing, Inc.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.