Notes to SEFA
Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: 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).
De Minimis Rate Used: N
Rate Explanation: Community Reinvestment Foundation - XI, Inc. d/b/a Providence Place of Marion Apartments has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Community Reinvestment Foundation - XI, Inc. d/b/a Providence Place of Marion Apartments 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 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 Community Reinvestment Foundation - XI, Inc. d/b/a Providence Place of Marion Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Community Reinvestment Foundation - XI, Inc. d/b/a Providence Place of Marion Apartments.
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: 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).
De Minimis Rate Used: N
Rate Explanation: Community Reinvestment Foundation - XI, Inc. d/b/a Providence Place of Marion Apartments has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
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. Community Reinvestment Foundation - XI, Inc. d/b/a Providence Place of Marion Apartments has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE 3 - U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: 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).
De Minimis Rate Used: N
Rate Explanation: Community Reinvestment Foundation - XI, Inc. d/b/a Providence Place of Marion Apartments has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Community Reinvestment Foundation - XI, Inc. d/b/a Providence Place of Marion Apartments has received a U.S. Department of Housing and Urban Development capital advance under Section 202 of the National Housing Act. The advance balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Community Reinvestment Foundation - XI, Inc. d/b/a Providence Place of Marion Apartments received no additional loans or advances during the year. The balance of the capital advance outstanding consists of $1,949,700.