Notes to SEFA
Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: see Form page
De Minimis Rate Used: Y
Rate Explanation: Auditee did use the de minimis cost rate
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the
Corporation under programs of the federal government as of and for the year period 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 operations of the Corporation, it is not intended to and does not present the
financial position, changes in net assets or cash flows of the Corporation. The above Federal Expenditures include the Federal
Expenditures for both Scott Hunter Homes Project Number AL09RD090004 totaling $983,786 and Pleasant Hill Homes Project
Number AL09RD090005 totaling $696,296.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: see Form page
De Minimis Rate Used: Y
Rate Explanation: Auditee did use the de minimis cost rate
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 allowed or are
limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal
course of business to amounts reported as expenditures in prior years. Passthrough entity identifying numbers are presented
where applicable. The Corporation has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.