Notes to SEFA
Title: Additional Information
Accounting Policies: Basis of Presentation
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Project under programs of the federal government for the year ended May 31, 2024. 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 the Project, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Project.
Nonmonetary Assistance
At the beginning of the year, the mortgage note payable was $1,401,201. At year ended May 31, 2024, the mortgage note payable in the amount of $1,344,193 to Gershman, is guaranteed by the U.S. Department of Housing and Urban Development and secured by the housing project.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10-percent de minimis indirect cost rate, as allowed under the Uniform Guidance.
The Project did not receive any federal awards in the form of noncash assistance for insurance in effect during the year. In addition, the Project did not pass through any federal grants to subrecipients.