Notes to SEFA
Title: 1. Scope of Audit Pursuant to Uniform Guidance
Accounting Policies: The Organization’s Schedule of Expenditures of Federal Awards has been prepared using the same basis
of accounting as the June 30, 2023 financial statements of the Organization. The Organization reports to
HUD using the accrual basis of accounting. A complete description of the basis of accounting is included
in note 1 to those financial statements.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
The Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal award
programs of the Organization. All federal awards received directly from federal agencies as well as
federal awards passed through other governmental agencies or other entities are included in the Schedule.
The Project has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
Title: 2. Basis of Presentation
Accounting Policies: The Organization’s Schedule of Expenditures of Federal Awards has been prepared using the same basis
of accounting as the June 30, 2023 financial statements of the Organization. The Organization reports to
HUD using the accrual basis of accounting. A complete description of the basis of accounting is included
in note 1 to those financial statements.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
The Organization’s Schedule of Expenditures of Federal Awards has been prepared using the same basis
of accounting as the June 30, 2023 financial statements of the Organization. The Organization reports to
HUD using the accrual basis of accounting. A complete description of the basis of accounting is included
in note 1 to those financial statements.
Title: 3. Contingencies
Accounting Policies: The Organization’s Schedule of Expenditures of Federal Awards has been prepared using the same basis
of accounting as the June 30, 2023 financial statements of the Organization. The Organization reports to
HUD using the accrual basis of accounting. A complete description of the basis of accounting is included
in note 1 to those financial statements.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
In connection with various federal grant programs, the Organization is obligated to administer related
programs and spend the funds in accordance with regulatory restrictions, and is subject to audit by
grantor agencies and other auditors. In cases of noncompliance, the agencies involved may require the
Organization to refund program funds.
Title: 4. Federal Funded and Insured Loans
Accounting Policies: The Organization’s Schedule of Expenditures of Federal Awards has been prepared using the same basis
of accounting as the June 30, 2023 financial statements of the Organization. The Organization reports to
HUD using the accrual basis of accounting. A complete description of the basis of accounting is included
in note 1 to those financial statements.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
The loan balances at the beginning of the year and loans made during the year are included in the federal
expenditures presented in the Schedule. The balance of the outstanding federally insured loans at June 30,
2023 is $1,138,002.