Notes to SEFA
Title: Scope of Presentation
Accounting Policies: The expenditures included in the accompanying schedule were reported on an accrual basis of accounting. Expenditures
are recognized in the accounting period in which the related liability is incurred. Expenditures reported included any
property or equipment acquisitions incurred under the federal program. The Schedule was prepared from only the accounts of the grant programs and, therefore, does not present the financial
position or results of operations of the Corporation.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule presents the expenditures incurred (and related awards received) by the Corporation that
are reimbursable under federal programs of federal agencies providing financial assistance and state awards. For the
purposes of this schedule, only the portion of program expenditures reimbursable with such federal or state funds are
reported in the accompanying schedule. Program expenditures in excess of the maximum federal or state
reimbursement authorized or the portion of the program expenditures that were funded with local or other nonfederal
funds are excluded from the accompanying schedule.
Title: Basis of Accounting
Accounting Policies: The expenditures included in the accompanying schedule were reported on an accrual basis of accounting. Expenditures
are recognized in the accounting period in which the related liability is incurred. Expenditures reported included any
property or equipment acquisitions incurred under the federal program. The Schedule was prepared from only the accounts of the grant programs and, therefore, does not present the financial
position or results of operations of the Corporation.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The expenditures included in the accompanying schedule were reported on an accrual basis of accounting. Expenditures
are recognized in the accounting period in which the related liability is incurred. Expenditures reported included any
property or equipment acquisitions incurred under the federal program. The Schedule was prepared from only the accounts of the grant programs and, therefore, does not present the financial
position or results of operations of the Corporation.
Title: Indirect Cost Rate
Accounting Policies: The expenditures included in the accompanying schedule were reported on an accrual basis of accounting. Expenditures
are recognized in the accounting period in which the related liability is incurred. Expenditures reported included any
property or equipment acquisitions incurred under the federal program. The Schedule was prepared from only the accounts of the grant programs and, therefore, does not present the financial
position or results of operations of the Corporation.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Federal Loans
Accounting Policies: The expenditures included in the accompanying schedule were reported on an accrual basis of accounting. Expenditures
are recognized in the accounting period in which the related liability is incurred. Expenditures reported included any
property or equipment acquisitions incurred under the federal program. The Schedule was prepared from only the accounts of the grant programs and, therefore, does not present the financial
position or results of operations of the Corporation.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Corporation participates in housing programs where funds have been provided by Federal agencies as loans reported
as capital advances in the net assets. Outstanding balances for these loans were as follows:
Federal Grantor ALN(s) 06/30/23 Net Change 06/30/24
U.S. Department of Housing and Urban Development
Section 811 (Supportive Housing for the Disabled) 14.157 $ 940,011 $ (20,825) $ 919,186
Total Federal Loan Balance $ 940,011 $ (20,825) $ 919,186