Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable 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. The Corporations summary of significant accounting policies is presented in Note 1 in the Corporations basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity
of The Broadway House Corporation (the Corporation) (Federal Housing Administration Project Number 123-
11160) under programs of the federal government for the year ended June 30, 2024. The information 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 of the Corporation, it is not intended to
and does not present the financial position, changes in net assets or cash flows of the Corporation.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable 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. The Corporations summary of significant accounting policies is presented in Note 1 in the Corporations basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable 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.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable 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. The Corporations summary of significant accounting policies is presented in Note 1 in the Corporations basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Corporation does not draw for indirect administrative expenses and has not elected to use the 10% de
minimis cost rate.
Title: Loan Program
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable 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. The Corporations summary of significant accounting policies is presented in Note 1 in the Corporations basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported in this schedule consist of the beginning of the year outstanding loan balance plus
advances made on the loan during the year. There were no advances made on the loan during the year ended
June 30, 2024. The outstanding balance at June 30, 2024 was $930,968.