Notes to SEFA
Title: Note 1 Basis of Presentation
Accounting Policies: SEE ATTACHED
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Eagle Rock Senior Citizens’ Housing Association (the "Association"), HUD Project No. 031-EH-002-NP-WAH-L8, under programs of the federal government for the year ended March 31, 2024. 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. Because the Schedule presents only a selected portion of the operations of the Association, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Association.
Title: Note 2 Summary of Significant Accounting Policies
Accounting Policies: SEE ATTACHED
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in Uniform Guidance
Title: Note 3 Indirect Cost rate
Accounting Policies: SEE ATTACHED
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE
The Association has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note 4U.S. Department of Housing and
Accounting Policies: SEE ATTACHED
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE
The Association had received a U.S. Department of Housing and Urban Development direct loan under Section 202 of the National Housing Act. The loan balance outstanding at the beginning and end of the year is $0. The mortgage was paid off July 2020. The Association received no additional loans during the year from HUD.
Title: Note 5 Subrecipients
Accounting Policies: SEE ATTACHED
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE
The Association did not provide any funding to subrecipients during the year ended March 31, 2024.