Notes to SEFA
Title: GENERAL
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursements.
De Minimis Rate Used: N
Rate Explanation: The Project has not elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (“the Schedule”) presents the activity of all federal awards Melrose Villa Hermosa Housing Development Fund Company, Inc. (the “Project”). The Project is described in the notes to the Project’s financial statements. All federal awards received directly consolidated from federal or state agencies, as well as federal awards passed through other government agencies, is included on the Schedule.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursements.
De Minimis Rate Used: N
Rate Explanation: The Project has not elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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 reimbursements.
Title: HUD CAPITAL ADVANCE PROGRAM
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursements.
De Minimis Rate Used: N
Rate Explanation: The Project has not elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Project’s total HUD Capital Advance of $9,719,624 is recognized as net assets with donor restrictions as of December 31, 2023 in the Project’s statement of financial position. The capital advance was used to finance the construction and development of the Project’s buildings. There was no loan activity for 2023. The total advance is included as federal expenditures in the Schedule.
Title: DE MINIMIS INDIRECT COST
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursements.
De Minimis Rate Used: N
Rate Explanation: The Project has not elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Project has not elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.