Notes to SEFA
Title: Outstanding Loan Balance
Accounting Policies: Expenditures reported 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: Martinsburg Community Housing Corporation has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance
The outstanding balance of loan and loan guarantee programs at September 30, 2023 with continuing compliance requirements which are reported as federal expenditures on the accompanying schedule of expenditures of Federal Awards was $807,685.
Title: Basis of Presentation
Accounting Policies: Expenditures reported 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: Martinsburg Community Housing Corporation has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance
The accompanying schedule of expenditures of federal awards includes the federal award
activity of Martinsburg Community Housing Corporation under programs of the federal
government for the year ended September 30, 2023. 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 (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 project's financial
position, changes in net assets, or cash flows.