Notes to SEFA
Title: Basis of Presentation
Accounting Policies: (a) 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.
(b) Neighborhood Development Services, Inc. has elected not to use the 10 percent de minimus indirect cost rate
as allowed under the Uniform Guidance.
(c) Pass-through entity identifying numbers are presented where available.
(d) The outstanding balance of loan and loan guarantee programs as of December 31, 2023. with continuing
compliance requirements which are reported as federal expenditures on the accompanying schedule of
expenditures of federal awards was $2,467,887.
De Minimis Rate Used: N
Rate Explanation: Neighborhood Development Services, Inc. has elected not to use the 10 percent de minimus indirect cost rate
The accompanying schedule of expenditures of federal awards presents the activity of all federal financial assistance programs of Neighborhood Development Services, Inc., excluding any federal financial assistance expenditures made from Madison, Ltd. (“Madison”); Wesley Village Limited Partnership (“Wesley”); Willow Glen Elderly Housing Corp. (“Willow”); Portage Housing I Limited Partnership (“Portage Homes”); Wesley Village II Limited Partnership (“Wesley Village”); Palestine, Ltd. (“Palestine”); Portage Housing II Limited Partnership (“Portage Homes II”); Harrison Woods Limited Dividend Housing Association Limited Partnership (“Harrison”); Hickory Gold Limited Partnership (“Hickory”); Houghton Lake Timber Limited Partnership (“Houghton”); Kalkaska Woods Limited Partnership (“Kalkaska”); Westside Junction Limited Partnership (“Westside”); Ashtabula Homes L.P. (“Ashtabula”); Ashtabula Homes II, LLC (“Ashtabula II”); Portage Homes III Limited Partnership (“Portage Homes III”); Craig Beach Homes, L.P. (“Craig Beach”); Engel Terrace Limited Partnership (“Engel Terrace”); Lamplighter Family Housing Limited Partnership (“Lamplighter”); Prospect House Limited Partnership (“Prospect House”); Geauga Elderly Housing Limited Partnership (“Geauga Elderly”); Jefferson Elderly Housing Limited Partnership (“Jefferson Elderly”) and Middlefield Elderly Housing Limited Partnership (“Middlefield Elderly”), subsidiaries of NDS, and Portage Woods (“Portage”), a wholly-owned project of NDS.