Notes to SEFA
Title: GENERAL
Accounting Policies: The accompanying schedule of expenditures of federal awards has been prepared on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the 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 the schedules may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Project did not elect to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards presents the activity of all federal awards Robert H. Moore Housing Development Fund Corporation (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 for Expenditures of Federal Awards.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards has been prepared on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the 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 the schedules may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Project did not elect to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards has been prepared on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the 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 the schedules may differ from amounts presented in or used in the preparation of the basic financial statements.
Title: HUD CAPITAL ADVANCE PROGRAM
Accounting Policies: The accompanying schedule of expenditures of federal awards has been prepared on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the 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 the schedules may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Project did not elect to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Project’s total HUD Capital Advance of $9,298,400 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: The accompanying schedule of expenditures of federal awards has been prepared on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the 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 the schedules may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Project did not elect to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Project did not elect to use the ten percent de minimis indirect cost rate allowed under
the Uniform Guidance.