Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient. AHDI's summary of significant accounting policies is presented in Note 1 in the AHDI's basic financial statements
De Minimis Rate Used: N
Rate Explanation: AHDI does not draw for indirect administrative expenses and has not elected to use the 10% de minimus cost rate.
The accompanying consolidated schedule of expenditires of federal awards (the schedule) includes the federal grant activity of Afforable Housing Developers, Inc. under programs of the federal government for the year ended December 31, 2023. The information 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 Requirments for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Affordable Housing Developers, Inc., it is not intended to and does not present the fianncial position, changes in net position or cash flows of Affordable Housing Developers, Inc.
Title: Note 2 - Significant Accounting Policies
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient. AHDI's summary of significant accounting policies is presented in Note 1 in the AHDI's basic financial statements
De Minimis Rate Used: N
Rate Explanation: AHDI does not draw for indirect administrative expenses and has not elected to use the 10% de minimus cost rate.
Expenditues reported in the schedule are reported on the accrual basis of accounting. When applicable, such expenditues are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are liminted as to reimbursement. No federal financial assistance has been provided to a subrecipient. AHDI's summary of significant accounting polcies is presented in Note 1 in the AHDI's basic financial statements.
Title: Note 3 - Indirect cost rate
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient. AHDI's summary of significant accounting policies is presented in Note 1 in the AHDI's basic financial statements
De Minimis Rate Used: N
Rate Explanation: AHDI does not draw for indirect administrative expenses and has not elected to use the 10% de minimus cost rate.
AHDI does not draw for indirect administrative expenses and has not elected to use the 10% de minimus cost rate.
Title: Note 4 - Loan Programs
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient. AHDI's summary of significant accounting policies is presented in Note 1 in the AHDI's basic financial statements
De Minimis Rate Used: N
Rate Explanation: AHDI does not draw for indirect administrative expenses and has not elected to use the 10% de minimus cost rate.
Expenditures reported in this schedule consist of the beginning of the year outstanding loan balances plus advances made on the loans during the year. The outstanding loan balances at December 31, 2023 were $1,230,530.