Notes to SEFA
Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of UNITA BLACKWELL ESTATES and is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: UNITA BLACKWELL ESTATES has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of UNITA BLACKWELL ESTATES 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 UNITA BLACKWELL ESTATES, it is not intended to and does not present the financial position, changes in net assets, or cash flows of UNITA BLACKWELL ESTATES.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of UNITA BLACKWELL ESTATES and is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: UNITA BLACKWELL ESTATES has elected not to use the 10-percent de minimis indirect cost rate 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. UNITA BLACKWELL ESTATES has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE C — U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT INSURED MORTGAGE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of UNITA BLACKWELL ESTATES and is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: UNITA BLACKWELL ESTATES has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
UNITA BLACKWELL ESTATES received an insured mortgage from the U.S. Department of Housing and Urban Development under Section 207 pursuant to Section 223(f) of the National Housing Act, as amended. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. UNITA BLACKWELL ESTATES had one other HUD loan outstanding during the year (see Note D). The balance of the Section 207/223(f) insured mortgage outstanding at June 30, 2024 totaled $781,962.
Title: NOTE D — U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT SECTION 202 DIRECT LOAN
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of UNITA BLACKWELL ESTATES and is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: UNITA BLACKWELL ESTATES has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
UNITA BLACKWELL ESTATES received a direct loan from the U.S. Department of Housing and Urban Development under Section 202 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. UNITA BLACKWELL ESTATES had one other HUD loan outstanding during the year (see Note C). The balance of the Section 202 direct loan outstanding at June 30, 2024 totaled $216,631.