Notes to SEFA
Accounting Policies: Basis of Presentation: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of the
Corporation, 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 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.Summary of Significant 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. The Corporation has elected not to use the 10-percent de minims indirect cost rate allowed under
the Uniform Guidance.U.S. Department of Housing and Urban Development Loan Program: The Corporation has received a U.S. Department of Housing and Urban
Development direct loan under the Supportive Housing for Persons with Disabilities Program. The loan balance outstanding at the beginning
of the year is included in the federal expenditures presented in the Schedule. The Organization received no additional loans during the year.
The balance of the loan outstanding at June 30, 2023 is $970,600.The Organization has received Supportive Housing for Persons with Disabilities Rental Assistance payments in the amount of $89,895.There were no subreceipients.No other single audits were performed during the year.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10-percent de minims indirect cost rate allowed under the Uniform Guidance.