Notes to SEFA
Title: NOTE 2 NON–MONETARY ASSISTANCE
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is a summary of Chenango Housing Improvement Program, Inc.’s federal award programs. All federal awards are presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the presentation of basic financial statements
De Minimis Rate Used: N
Rate Explanation: Chenango Housing Improvement Program, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance
Of the $277,413 interest charged on five separate Rural Development (RD) notes, $236,953 was subsidized by Rural Development. This amount is part of the original loan agreements and is expected to continue throughout the life of the loan.
Title: NOTE 3 RURAL RENTAL HOUSING LOANS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is a summary of Chenango Housing Improvement Program, Inc.’s federal award programs. All federal awards are presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the presentation of basic financial statements
De Minimis Rate Used: N
Rate Explanation: Chenango Housing Improvement Program, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance
In accordance with the requirements of the Uniform Guidance, the loan balances are included as part of the Single Audit determination, because there are continuing compliance requirements attached to these loans.
Title: NOTE 4 SMYRNA SCHOOL HOUSE, L.P
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is a summary of Chenango Housing Improvement Program, Inc.’s federal award programs. All federal awards are presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the presentation of basic financial statements
De Minimis Rate Used: N
Rate Explanation: Chenango Housing Improvement Program, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance
Smyrna School House L.P. is a for profit partnership with only 11 rental units, because of this it is not subject to all the same compliance requirements as the other RD projects. All its federal expenditures and its RD loan are included in this schedule because of consolidation, but is not included in the major program calculations.
Title: NOTE 5 INDIRECT COST RATE
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is a summary of Chenango Housing Improvement Program, Inc.’s federal award programs. All federal awards are presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the presentation of basic financial statements
De Minimis Rate Used: N
Rate Explanation: Chenango Housing Improvement Program, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance
Chenango Housing Improvement Program, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.