Notes to SEFA
Title: Note A - Basis of Presentation
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 Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10% de minimis cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Erie
County Housing Opportunities, Inc., HUD Project No. 042-HD080 under programs of the federal government
for the year ended July 31, 2024. The information in this schedule is presented in accordance with 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). Because the schedule
presents only a selected portion of the operations, it is not intended to and does not present the financial
position, changes in net assets or cash flows of Erie County Housing Opportunities, Inc.
Title: Note D - Loan and Loan Guarantee Programs
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 Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10% de minimis cost rate allowed under the Uniform Guidance.
The outstanding balance of loan and loan guarantee programs at July 31, 2024 with continuing compliance
requirements which are reported as federal expenditures on the accompanying schedule of expenditures of
federal awards was $892,400.