Notes to SEFA
Title: Basis of Presentation
Accounting Policies: (1) Expenditures reported on this Schedule are reported on the accrual basis of accounting, except for the loan balances as discussed below. 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.
(2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Auditee did not use the de minimis cost rate.
This schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Little Earth of United Tribes Housing Corporation under programs of the federal government for the year ended December 31, 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 (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Little Earth of United Tribes Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Little Earth of United Tribes Housing Corporation.
Title: Loans
Accounting Policies: (1) Expenditures reported on this Schedule are reported on the accrual basis of accounting, except for the loan balances as discussed below. 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.
(2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Auditee did not use the de minimis cost rate.
Expenditures reported for the loans with continuing compliance requirements represent the December 31, 2021 balance of an insured mortgage loan outstanding from a previous year for which the grantor imposes continuing compliance requirements. The balance of the loans outstanding as of December 31, 2022 is $2,600,000.