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.
De Minimis Rate Used: N
Rate Explanation: Swainsboro Presbyterian Housing Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Swainsboro Presbyterian Housing Corporation under programs of the federal government for the year ended December 31, 2023. The information in the 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 Swainsboro Presbyterian Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Swainsboro Presbyterian Housing Corporation.
Title: Summary of Significant Accounting Policies
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: Swainsboro Presbyterian Housing Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
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.
Title: Indirect Cost Rate
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: Swainsboro Presbyterian Housing Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Swainsboro Presbyterian Housing Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Loans Outstanding
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: Swainsboro Presbyterian Housing Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Swainsboro Presbyterian Housing Corporation has received a U.S. Department of Housing and Urban Development Section 223(f) loan. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. Swainsboro Presbyterian Housing Corporation had the following balance outstanding on the loan at December 31, 2023: