Notes to SEFA
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. Affordable Housing Alliance, Inc. has elected not to use the 10-percent de minimis indirect cost rate alloed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Affordable Housing Alliance, Inc. does not have a federally negotiated indirect cost rate and has not elected to use the 10% de minimis rate as covered in Section 200.414 in the Uniform guidance.
The schedule of expenditures of federal awards (the Schedule) includes the grant activity of Affordable Housing alliance, Inc. and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrtaive Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Affordable Housing Alliance, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Affordable Housing Alliance, Inc.
Title: Relationship to Basic Financial Statements
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. Affordable Housing Alliance, Inc. has elected not to use the 10-percent de minimis indirect cost rate alloed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Affordable Housing Alliance, Inc. does not have a federally negotiated indirect cost rate and has not elected to use the 10% de minimis rate as covered in Section 200.414 in the Uniform guidance.
Federal expenditures are reported on the statement of activities as operating costs beofre depreciation. The expenditures reported in the basic financial statements may differ from the expenditures reported in the Schedule due to program expenditures exceeding grant or contract budget limitations or agency matching or in-kind contributions which are not included as federal awards.