Notes to SEFA
Title: BASIS OF PRESENTATION - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
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: Fairhaven Homes 202 has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance .
The schedule of expenditures of federal awards includes grant and loan activity of the Fairhaven Homes 202 and is presented on the accrual basis of accounting. However, loans received in the prior year and still outstanding are to be considered federal expenditures for the purpose of this schedule. The information in this s 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 ).