Notes to SEFA
Title: Note 4 - U.S. Department of Housing and Urban Development (HUD) Section 202 Capital Advance
Accounting Policies: Note 1 - Basis of Presentation
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Notre Dame Living Center, Inc. (the Project) HUD Project No. 103-EE012 under programs of the federal government for the year ended June 30, 2024. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of the operations of the Project it is not intended to and does not present the financial position, change in net assets, or cash flows of the Project.
Note 2 - Summary of Significant 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 reimbursement. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: Note 3 ‐ Indirect Cost Rate
The Project does not draw for indirect administrative costs and has not elected to use the 10‐percent de minimis indirect cost rate allowed under the Uniform Guidance.
The HUD Section 202 Capital Advance is administered directly by the Project, and the balance and transactions relating to the capital advance are included in the Project’s financial statements. The capital advance outstanding is included in the federal expenditures included in the Schedule. The balance of loans outstanding at June 30, 2024 consists of: "See Notes to SEFA for chart/table".