Notes to SEFA
Title: 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: NCSC/USA Housing Development Corporation Three, Inc. 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
NCSC/USA Housing Development Corporation Three, Inc., operating as Lynn Williams Apartments,
HUD Project No. 033-EE032, 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 NCSC/USA Housing Development Corporation Three, Inc., it is not intended to and does
not present the financial position, changes in net assets, or cash flows of NCSC/USA Housing
Development Corporation Three, Inc.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT CAPITAL ADVANCE
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: NCSC/USA Housing Development Corporation Three, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
NCSC/USA Housing Development Corporation Three, Inc. has received a HUD capital advance under
Section 202 of the National Housing Act. The capital advance balance outstanding at the beginning of
the year is included in the federal expenditures presented in the Schedule. NCSC/USA Housing
Development Corporation Three, Inc. received no additional loans during the year. The balance of the
capital advance outstanding as of December 31, 2023 was $2,840,400.