Notes to SEFA
Title: Note 4: Capital Advance Balance
Accounting Policies: Note 1: Basis of Presentation:
This schedule of expenditures of federal awards includes the federal award activity of Cushing Housing,
Inc. under programs of the 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 Audits for Federal
Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of
Cushing Housing, Inc., it is not intended to and does not present the financial position, changes in net
assets, or cash flows of Cushing Housing, Inc.
Note 2: Summary of Significant Accounting Policies:
Expenditures reporting 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: Note 3: Indirect Cost Rate:
Cushing Housing, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the
Uniform Guidance.
Cushing Housing, Inc.’s federal loan balance outstanding as of December 31, 2023, was $1,159,330 and
is included in the federal expenditures presented in the schedule.