Notes to SEFA
Title: NONCASH FEDERAL AWARDS
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation - The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting in which expenditures are recognized when incurred.
The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: DE MINIMIS INDIRECT COST RATE
The Organization elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
In connection with the interest credit agreement with Rural Development, the Organization received nonmonetary rental assistance of $16,852 for the year ended December 31, 2023. This amount is included in the total expenditures of federal awards. For the Section 515 Rural Rental Housing Loans (CFDA No. 10.415) the total amount is $2,799 and for the Section 538 Rural Rental Housing Guaranteed Loan (CFDA No. 10.438) the total amount is $14,053.
Title: LOAN BALANCES
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation - The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting in which expenditures are recognized when incurred.
The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: DE MINIMIS INDIRECT COST RATE
The Organization elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
As of December 31, 2023 outstanding loan balances under the Rural Rental Housing Loans program (CFDA No. 10.415) and included in the accompanying schedule of expenditures of federal awards was $770,081, including $30,139 of deferred accrued interest.
In connection with the Section 538 loan, Rural Development guarantees 90% of the outstanding balance. As of December 31, 2023, Rural Development’s guarantee totaled $494,359.