Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Holiness Homes of Vision, HUD Project No. 071-EE182 (the Project), and is presented on the accrual basis of accounting which is the same basis of accounting used to prepare the Project’s financial statements. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. The Project’s records should be consulted to determine amounts expended or matched from non-federal sources.
De Minimis Rate Used: N
Rate Explanation: During the year, the Project did not use a federal indirect cost rate. All expenditures are direct costs of the program.