Notes to SEFA
Title: NOTE 5 – U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: NOTE 1 – BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Hillsboro Supportive Housing, Inc. 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 (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Hillsboro Supportive Housing, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Hillsboro Supportive Housing, Inc.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Hillsboro Supportive Housing, Inc. did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
NOTE 3 – ASSISTANCE LISTING PROGRAMS
The program titles and Assistance Listing (“AL”) numbers were obtained from the federal or pass-through grantor or the catalog of federal domestic assistance.
De Minimis Rate Used: N
Rate Explanation: Hillsboro Supportive Housing, Inc. has not used the 10% de minimis indirect cost rate.
Hillsboro Supportive Housing, Inc. has received a U.S. Department of Housing and Urban Development capital advance under Section 811. The capital advance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule of Expenditures of Federal Awards. Hillsboro Supportive Housing, Inc. received no additional capital advances during the year. The balance of the capital advance outstanding at June 30, 2024 consists of $2,021,900