Notes to SEFA
Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: Egida Petra Soto Pascual has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Egida Petra Soto Pascual, HUD Project No 056-EE-011CA, 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 Egida Petra Soto Pascual, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Egida Petra Soto Pascual.
Title: Note C – U.S. Department of Housing and Urban Development Advance Capital Program
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: Egida Petra Soto Pascual has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Egida Petra Soto Pascual has received a U.S. Department of Housing and Urban Development direct advance capital grant under Section 202 of the National Housing Act. The grant balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Project received no additional capital advances during the year. The balance of the grant outstanding on December 31, 2023, consists of ALN 14.157, Supportive Housing for the Elderly (Section 202) with an outstanding balance of $3,840,949.