Notes to SEFA
Title: CAPITAL ADVANCE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
The Organization did not elect to use the 10 percent de minims indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
At December 31, 2023, Open Door Ventures had a Section 811 capital advance outstanding (which is presented within net assets) and the HOME Investment Partnerships Program funds which are presented as a note payable. The capital advance and HOME funds are also included in the federal expenditures presented. Program or Cluster Title: Supportive Housing for Persons with Disabilities (Section 811); Assistance Listing Number: 14.181; Amount Outstanding: $1,477,000; Program or Cluster Title: HOME Investment Partnerships Program; Assistance Listing Number: 14.239; Amount Outstanding: $623,725.
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
The Organization did not elect to use the 10 percent de minims indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Open Door Ventures (the Organization) under programs of federal government for the year ended December 31, 2023. 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 operation of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.