Notes to SEFA
Title: Mortgage Payable
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards (the “Schedule”) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in 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”), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: St. Thomas Episcopal Senior Citizens Housing Development Fund Corporation (the “Company”), has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Company is reimbursed for programmatic and administrative costs in accordance with the rules set forth by the U.S. Department of Housing and Urban Development (“HUD”).
The Company received a mortgage insured under Section 223(f) of the National Housing Act during the year. The value of the new mortgage received during the year is included in the federal expenditures presented in this Schedule. The balance of the mortgage outstanding at December 31, 2023 is $17,250,061. The Company had received a HUD mortgage under Section 202 of the National Housing Act in previous years. The mortgage balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The balance of the mortgage outstanding at December 31, 2023 was $0.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards (the “Schedule”) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in 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”), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: St. Thomas Episcopal Senior Citizens Housing Development Fund Corporation (the “Company”), has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Company is reimbursed for programmatic and administrative costs in accordance with the rules set forth by the U.S. Department of Housing and Urban Development (“HUD”).
The Schedule includes the federal award activity of the Company, under programs of the Federal Government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of the Company, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Company.