Notes to SEFA
Title: Method of Accounting
Accounting Policies: The schedule of expenditures of federal awards has been prepared on an accrual basis. 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). Therefore, some amounts presented in this schedule may differ from amounts in or used in the preparation of the financial statements. The Organization has not elected to charge the de minimis rate of 10% of modified total direct costs (MTDC).
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to charge the de minimis rate of 10% of modified total direct costs (MTDC).
The schedule of expenditures of federal awards has been prepared on an accrual basis. 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). Therefore, some amounts presented in this schedule may differ from amounts in or used in the preparation of the financial statements. The Organization has not elected to charge the de minimis rate of 10% of modified total direct costs (MTDC).
Title: USDA Rural Development Rural Rental Housing Loan Program
Accounting Policies: The schedule of expenditures of federal awards has been prepared on an accrual basis. 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). Therefore, some amounts presented in this schedule may differ from amounts in or used in the preparation of the financial statements. The Organization has not elected to charge the de minimis rate of 10% of modified total direct costs (MTDC).
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to charge the de minimis rate of 10% of modified total direct costs (MTDC).
The Organization's loans with the USDA were received and expended in prior years, but are subject to continuing compliance requirements imposed by the USDA Rural Development. The loan balances outstanding at the beginning of the year is included in the Schedule of Expenditures of Federal Awards in accordance with the Uniform Guidance.