Notes to SEFA
Title: Basis of Presentation
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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Eastern Shore of Virginia Housing Alliance, Bailey Road Apartments Project has elected not to use the 10% de minimus indirect cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Eastern Shore of Virginia Housing Alliance, Bailey Road Apartments Project. 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). Therefore, some amounts presented in this schedule may differ from amounts in, or used in the preparation of the basic financial statements.
Title: Loan Balances
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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Eastern Shore of Virginia Housing Alliance, Bailey Road Apartments Project has elected not to use the 10% de minimus indirect cost rate.
The following are the outstanding loan balances as of December 31, 2023: Department of Agriculture $2,049,160, Virginia Housing Development Authority $700,000.